PhonePe launches account aggregator service, allowing app users to share financial data

Fintech major PhonePe has launched its account aggregator services, allowing app users to share their financial data with regulated financial institutions to gain easier access to their products.

The company launched it through its wholly-owned subsidiary PhonePe Technology Services. PhonePe had received the Reserve Bank of India’s (RBI) approval to operate as an account aggregator in 2021.

The account aggregator services will allow Indian consumers to consent to and share all their financial data such as bank statements, insurance policies and tax filings with regulated financial institutions.