Question 1

What is Account Aggregator?

Accepted Answer

An Account Aggregator (AA) is a licensed entity authorised by the Reserve Bank of India (RBI) to fetch financial data from various Financial Information Providers (FIPs) and share it with Financial Information Users (FIUs) only with a user’s explicit consent.

Question 2

What is an AA ID?

Accepted Answer

Account Aggregator ID or AA ID is a unique address linked to your FIP accounts that will be used to identify and fetch your financial information. Your default PhonePe AA ID will be your phone number followed by the handle @phonepe.

Question 3

Who are Financial Information Providers (FIPs)?

Accepted Answer

A Financial Information Provider (FIP) is any regulated entity in the financial service sector, such as banks, insurance companies, lenders, depositories, mutual funds, pension funds, etc., licensed by the RBI, SEBI, IRDAI, or any other regulator that store and share your financial data with your consent. For example, when you take a loan, your bank will be the FIP that will share your information with the lender or lending bank.

Question 4

Who are Financial Information Users (FIUs)?

Accepted Answer

A Financial Information User (FIU) is any regulated entity in the financial services sector, such as banks, lending companies, registered investment advisors, etc., licensed by the RBI, SEBI, IRDAI, or any other regulator who may request your financial data from Financial Information Providers (FIPs) to offer you a financial service. For example, when you take a loan, the bank offering the loan is an FIU.

Question 5

What is Consent?

Accepted Answer

Consent is a digital agreement that you will need to sign to share your financial information with any Financial Information User (FIU) using your Account Aggregator account.

Question 6

How can I give my consent to share my financial data?

Accepted Answer

To give consent

You will need to raise a consent request from an FIU website or app.
Open your PhonePe app and tap Review. You can also view all your pending requests under the My Consents section on PhonePe Account Aggregator home screen.
Tap Approve if you want to give consent.

Note: You can also cancel the request by tapping Reject

Question 7

How and where is my financial information stored?

Accepted Answer

Financial information received from the Financial Information Provider (FIP) is shared with the FIU in an encrypted form, and the FIU securely stores your information based on the agreed-upon terms in your consent. As an account aggregator, PhonePe does not have access to view or store your financial information.

Question 8

Is my financial information safe with PhonePe?

Accepted Answer

Important: As an account aggregator, PhonePe does not store your financial information. Yes. In order to ensure maximum security for our users, all financial information is encrypted end-to-end.

Account Aggregator

Licensed by RBI, PhonePe Account Aggregator enables consent-based, secure sharing of financial data and asset information.

PhonePe Account Aggregator helps customers manage their consents ensuring secure financial data sharing with regulated entities

BENEFITS

Secured & Encrypted Data

Swift and secure data sharing using AA framework

Quick & Hassle Free

Reduced operational costs and turnaround time

All in one place

Manage all consents easily using the PhonePe app

Control Over Data

You have 100% data control

HOW THIS HELPS

HOW THIS HELPS A CUSTOMER

Processes that we simplify for you

Consent Management

Loan Applications

Wealth Management

Expense Management

Download the App

Download the App

How does it work?

STEP 1

Register

STEP 2

Link accounts

STEP 3

Approval

STEP 4

Manage Consent

STEP 1/4

Register

HOW THIS HELPS PARTNERS

Partner with Us!

Financial Data Sharing, Simplified!

Secured data. Simplified sharing.

Frequently Asked Questions