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PhonePe Gets Green Signal From RBI To Operate As An Account Aggregator

Talking about Account aggregators, they will help consumers to get services that will be based on the explicit consent of individual customers like the transfer, however, not storing, of a client’s data and information.

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Indian digital payments and financial services company, PhonePe, owned by Walmart, on Thursday, said that it has got in-principle approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator (AA).

Now, with the RBI's green signal, and license, PhonePe will be able to launch its Account Aggregator platform which will further help the company to make a way for the free and instant exchange of financial data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). This process will be done with consent from customers, which will further help consumers from the entire country to take advantage of financial services in a faster, cheaper, and very convenient way.

Talking about Account aggregators, they will help consumers to get services that will be based on the explicit consent of individual customers like the transfer, however, not storing, of a client’s data and information. 

Rahul Chari, CTO, and co-founder of PhonePe told a leading media house that the AA license will permit us to act as an important player in shaping the account aggregator climate for consent-based financial data transfer.   

Talking about the functions of an account aggregator, it acts as a channel between FIUs and FIPs; however, it refrains itself from processing the data. 


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PhonePe rbi Account Aggregator