Walmart-owned PhonePe gets AA license from RBI

  • Walmart-owned digital payments service provider PhonePe group on Thursday said a fully owned subsidiary of it has received an in-principle approval from the Reserve Bank of India to operate as an Account Aggregator.
  • PhonePe Account Aggregator Pvt Ltd has secured a license which will let the Bengaluru-based startup launch its AA platform.
  • AA platforms house the ability to enable free and instant exchange of financial data between the Financial Information Users and Financial Information Providers with due consent from customers.
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