NEW DELHI: Country’s largest fintech firm PhonePe on Friday said it has exited from account aggregation business as it could not add enough partners to provide services as per its expectation.
The company said that it has decided to surrender NBFC-AA licence to the RBI, and initiated the wind down of AA operations — which allowed the company to obtain financial information of users with their consent and share it with banking and financial institutions for offering financial services such as loan, credit card etc.
“We feel proud that we have managed to register nearly 5 crore Indians onto our AA platform in less than two years. However, due to competing priorities, we have not been able to onboard as many financial information providers (FIPs) to our platform as we would have liked…Therefore PhonePe Group has decided to exit the Account Aggregator business, and instead we will partner with other AAs in the market,” PhonePe said. PTI
