PhonePe Group Exits Account Aggregator Business, Plans To Partner With Other AAs To Drive Financial Inclusion in India

New Delhi, February 7:슬롯 머신 사이트 추천Fintech major PhonePe Group on Friday announced to exit the Account Aggregator (AA) business, adding that they will instead partner with other AAs in the market. As one of India슬롯사이트™s largest fintechs, PhonePe Group said it has always tried to build products with a deep focus on solving for financial inclusion for all Indians, which is critical for the country to realise its ambition of becoming a developed economy by 2047.슬롯 머신 사이트 추천 슬롯사이트œWe strongly believe that growing the Account Aggregator (AA) ecosystem is very important to addressing financial inclusion properly.

By 2022, the AA ecosystem was still very nascent and early adoption numbers were still low,슬롯사이트� the company said in a statement. In June 2023, PhonePe Group received its own AA license in a bid to build 슬롯사이트œour own Account Aggregator platform and help accelerate the AA ecosystem슬롯사이트™s growth슬롯사이트�. 슬롯사이트œThis was a departure from our usual strategy of building only end consumer (B2C) products. We feel proud that we have managed to register nearly 5 crore Indians onto our AA platform in less than two years,슬롯사이트� the company informed.슬롯 머신 사이트 추천Ola Electric Q3 FY25 Results: Bhavish Aggarwal슬롯사이트™s EV Firm Reports Net Loss Rises to INR 564 Crore, Revenue Drops 19% As Stock Plunges.

However, due to competing priorities, 슬롯사이트œwe have not been able to onboard as many financial information providers (FIPs) to our platform as we would have liked슬롯사이트�. 슬롯사이트œThe good news is that the AA ecosystem itself is flourishing today, and many of the other players are growing exponentially. Therefore, PhonePe Group has decided to exit the Account Aggregator business, and instead we will partner with other AAs in the market,슬롯사이트� it informed.슬롯 머신 사이트 추천Swiggy Share Price Drops for 4th Consecutive Day, Falls Below IPO Issue Price of INR 390 Amid Investors' Reactions to Higher-Than-Expected Q3 FY25 Losses.

Accordingly, the company has decided to surrender its NBFC-AA licence to the Reserve Bank of India (RBI), and initiated the wind down of its AA operations. 슬롯사이트œWe will be reaching out to our AA user base shortly to inform them of our decision, and help them as per regulatory guidelines,슬롯사이트� said the PhonePe Group.

(The above story first appeared on LatestLY on Feb 07, 2025 04:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).