Take the controversial National Digital Health Mission. Health and financial data have to be transferred from one host of institutions to another with users’ consent. And facilitating this transfer is the newly created network of ‘ account aggregators’.
“You need to take a broader view of what Visa offers financial institutions beyond payments,” says Srikanth Rajagopalan, CEO of Perfios, an account aggregator. Visa’s $5.3 billion acquisition of financial services company Plaid in the US— helped it broaden its services to sharing financial data. Something Visa can replicate in India by participating in the AA ecosystem. “And its global expertise in security and privacy at scale will be priceless once DEPA is enacted.
However, given that these networks are strategically important for India, some of them are already in some stage of development. Think tank iSPIRT is driving the effort to build these networks.
Visa did not respond to an email with detailed set questions. https://the-ken.com/story/visas-upi-pain-point/