DigiSahamati Foundation (Sahamati), an industry alliance for the Account Aggregator (AA) ecosystem, today announced that the total number of successful consents on the AA Framework had crossed the 100 million mark as of August 15, 2024.
Sahamati estimates that about 80-90 million people are using AA in India, which translates to 8 per cent of the adult population. In FY24, AA consents grew by 1059 per cent making India’s AA ecosystem the fastest-growing open finance ecosystem globally. The current usage and penetration of AA Framework are expected to reach 25-30 per cent of the Indian population by the end of FY25, it said.
In India, AAs act as consent managers independent of Financial Information Users (FIUs), which enables individuals and businesses to share their financial data with their consent and manage their consent in one place.
Said B.G. Mahesh, CEO of Sahamati, “The use cases have been expanding with FIUs using AA for streamlined tasks like customer onboarding to specialised tasks like controlling frauds. Growth in consent requests from 5.5 million in FY23 to 63.75 million in FY24 by customers indicates a higher degree of comfort and acceptance of the system.” ENDS