Fintech major PhonePe has decided to exit its Account Aggregator (AA) business and will be partnering with other AAs in the market.

“We have decided to surrender our NBFC-AA licence to the RBI, and initiated the wind down of our AA operations,” said PhonePe in a statement.

The company cited its inability to onboard a sufficient number of financial information providers (FIPs) to its platform as the rationale behind the decision to exit AA business.

(The story will be updated soon).

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