PhonePe receives in-principle approval from RBI to operate as account aggregator

Walmart-owned PhonePe on August 26 said it has received in-principle approval from the Reserve Bank of India (RBI) to operate as an Account Aggregator (AA).

The company said that the license permits PhonePe to launch its AA platform that will enable instant exchange of financial data between the Financial Information Users (FIUs) and Financial Information Providers (FIPs) with due consent from customers, in a safe and secure manner. This will help Indian consumers avail financial services in a faster, cheaper and more convenient manner.