New Delhi: PhonePe, a leading fintech company, has recently introduced its account aggregator services to facilitate the sharing of financial data between app users and regulated financial institutions, thereby simplifying access to various financial products. This initiative was launched by PhonePe’s subsidiary, PhonePe Technology Services, after receiving approval from the Reserve Bank of India (RBI) in 2021.
Through the account aggregator services, Indian consumers can provide consent to share their financial information, including bank statements, insurance policies, and tax filings, with authorized financial institutions. This enables users to conveniently apply for loans, purchase insurance policies, and seek investment advice.
PhonePe has ensured that customers have full control over their data consent. Users can grant, pause, or revoke ongoing data sharing permissions either through the aa.phonepe.com website or directly within the PhonePe mobile app. This empowers users to manage their data privacy preferences effectively.
In preparation for the launch, PhonePe Technology Services has already integrated its platform with multiple financial information providers, including YES Bank and Federal Bank. By the end of June, the company plans to further integrate with several other major banks and financial institutions, expanding its reach and enhancing its service offerings.
Additionally, PhonePe Technology Services has unveiled its product suite and application programming interface (API). To facilitate seamless access for PhonePe users, a dedicated account aggregator micro-application has been developed within the PhonePe consumer app. This allows users to register and create a new interoperable account aggregator handle. Furthermore, PhonePe users can now instantly view their bank statements free of charge by selecting the “check balance” option on the application homepage.
With the launch of its account aggregator services, PhonePe aims to streamline the financial ecosystem in India by providing users with a secure and convenient platform to share their financial data and access a wide range of financial products and services. This initiative demonstrates PhonePe’s commitment to leveraging technology to enhance the financial experience for its users.
