PhonePe Group recently announced the launch of its Account Aggregator (AA) services through its wholly-owned subsidiary PhonePe Technology Services Pvt Ltd (PTSPL).
PTSPL’s Account Aggregator service will allow Indian consumers to consent to and share all their financial data, such as bank statements, insurance policies and tax filings with regulated Financial Institutions or FIUs (Financial Information Users) for several use cases such as applying for loans, buying new insurance, getting investment advice, etc.
Rahul Chari, Co-Founder and CTO at PhonePe said, “The launch of the Account Aggregator service, puts PhonePe Group at the forefront of building digital public infrastructure that will have a significant impact on millions of Indians. This will also empower users to access and control their own financial data, revolutionizing the way they engage with financial services. The Account Aggregator Network sets the stage for a new era of digital connectivity, where individuals can harness the power of their own information to make informed financial decisions and unlock a world of opportunities.”