The company launched it through its wholly-owned subsidiary PhonePe Technology Services.
Fintech major PhonePe has launched its account aggregator services, allowing app users to share their financial data with regulated financial institutions to gain easier access to their products.
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The company launched it through its wholly-owned subsidiary PhonePe Technology Services. PhonePe had received the Reserve Bank of India’s (RBI) approval to operate as an account aggregator in 2021.
The account aggregator services will allow Indian consumers to consent to and share all their financial data such as bank statements, insurance policies and tax filings with regulated financial institutions.
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The service can be used for applying for loans, buying new insurance and investment advice.
Customers can also request, pause or revoke any ongoing data consent directly from aa.phonepe.com or from within the PhonePe app itself, the company said in a press release.
As a part of the launch, PhonePe Technology Services has already integrated with various financial information providers like YES Bank and Federal Bank.
Various other financial information providers like large banks are likely to get integrated with PhonePe Technology Services before the end of June.
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PhonePe Technology Services has also launched its product suite and application programming interface. The fintech company built an account aggregator micro-application within the PhonePe consumer application.
This will allow PhonePe users to register and create a new interoperable account aggregator handle. PhonePe users will also be able to access their bank statements instantly on the “check balance” option on the application homepage for free.
