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PhonePe has introduced Account Aggregator (AA) services following the receipt of Reserve Bank of India (RBI) Non-Banking Finance Companies (NBFC) licence, as per Inc42, Business Today. The move aims at providing secure and easy sharing of financial data between customers and financial bodies.
Account Aggregator service will help customers to share their financial data such as bank statements, insurance policies, and others, for services like loans, new insurance, and other banking services. Customers can request, pause or cancel any ongoing financial services directly from the PhonePe app.
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PhonePe Group has partnered with financial institutions like Yes Bank, AU Small Finance Bank, ICICI Bank, and, Axis Bank.
The micro-app for account aggregator services within PhonePe will let users create a new AA handle.
The AA service will also allow access to bank statements directly with the ‘check balance’ option on the homepage of PhonePe app.
Also Read: HDFC Bank introduces Millennia Credit Card
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