Bengaluru, Feb. 7 -- PhonePe, India's largest fintech firm, announced on Friday its exit from the account aggregation (AA) business, citing challenges in onboarding enough partners to meet its expectations, media reports said.

As a result, the company has decided to surrender its NBFC-AA licence to the Reserve Bank of India (RBI) and has begun winding down its AA operations, reported PTI.

The platform enabled PhonePe to access users' financial information with their consent and share it with banks and financial institutions for services like loans and credit cards.

The Walmart-backed firm had secured its AA licence in June 2023.

"We strongly believe that growing the Account Aggregator ecosystem is very important to addressing financia...