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PhonePe exits Account Aggregator business citing inability to onboard a sufficient number of FIPs

PhonePe has decided to exit the account aggregator business, a move influenced by its inability to onboard a sufficient number of Financial Information Providers (FIPs). The company, which entered this sector in 2021, found the process of integrating with FIPs to be too slow and cumbersome, impacting its ability to scale operations effectively. Account aggregators facilitate the sharing of financial data between different financial institutions with customer consent, but PhonePe's experience highlighted significant operational challenges in this emerging field. Despite this exit, PhonePe remains committed to its core payment and insurance businesses, focusing on areas where it can achieve better market penetration and operational efficiency.

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[ https://www.cnbctv18.com/business/finance/phonepe-exits-account-aggregator-business-citing-inability-to-onboard-a-sufficient-number-of-fips-19554806.htm ]