New Delhi, 7 February (IANS). The leading Phonpe Group of the Fintech region on Friday announced to get out of the account aggregator (AA) business. Instead, he will partner with other AA companies in the market.
PhonePe Group has said that it has always tried to create a product by focusing on financial inclusion for all Indians, which is important to achieve the country’s goal of becoming a developed economy by 2047.
The company said in a statement, “We are confident that promoting the account aggregator (AA) ecosystem is very important to properly pursue financial inclusion. By the year 2022, AA Ecosystem was in infancy and the adopted in the initial phase The number was also low. “
In June 2023, PhonePe Group received his own AA license to ‘creating its own account aggregator platform and to help accelerate the development of AA Ecosystem’.
The company said, “This was different from our general strategy of manufacturing the last consumer (B2C) products. We are proud that we have been successful in registering about five crore Indians on our AA platform in less than two years. . “
However, due to competitive priorities, “we could not do as much financial information providers (FIPs) on our platform.”
The company said, “The good news is that today AA Ecosystem itself is flourishing itself and many other companies are also growing very fast. Therefore, PhonePe Group has decided to get out of the account aggregator business, and Instead we will partner with other AA in the market. “
Accordingly, the company has decided to surrender its NBFC-AA license to Reserve Bank of India (RBI) and take an initiative to stop its AA operations.
PhonePe Group said, “We will soon reach our AA user base and make them aware of their decision and help them according to the regulatory guidelines.”
-IANS
FZ/AKE
