PhonePe gets in-principal nod from RBI to operate as an account aggregator

Account aggregators are responsible for providing services based on the explicit consent of individual clients, which includes the transfer, but not storing, of a client's data

Walmart-backed digital payments firm PhonePe’s subsidiary, PhonePe Account Aggregator Pvt Ltd, has got an in-principle approval from the Reserve Bank of India (RBI) to operate as an account aggregator. 

With the license, PhonePe can now launch its account aggregator platform that will enable the free and instant exchange of financial data between financial information users (FIUs) and financial information providers (FIPs) with due consent from customers, thus helping Indian consumers avail financial services in a faster, cheaper and more convenient manner.

Account aggregators are responsible for providing services based on the explicit consent of individual clients, which includes the transfer, but not