PhonePe exits account aggregation business

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 Reserve Bank of India (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.