PhonePe to wind down account aggregator business, surrender NBFC-AA licence

Walmart-owned PhonePe on Friday announced it was exiting from account aggregator (AA) business and surrendering NBFC-AA licence to the Reserve Bank of India (RBI) — about two years after securing it.

Account aggregators are non-banking financial companies (NBFCs) that deliver a user’s financial data from financial information providers (FIPs) to financial information users (FIUs).