For small businesses, a big lending idea – account aggregators
- In nine months, ‘account aggregators’ have made impressive progress. But, there is work left to be done
- Our financial data currently reside in multiple databases. Apart from banks, NBFCs, mutual fund companies, stock brokers, and even insurance firms have rich user data
NEW DELHI : Prem Kumar Yadav (25), a juice vendor in Delhi, migrated from Saharsa, a town in eastern Bihar. He seems to be doing well. On average, he earns over ₹1 lakh a month. Like many other vendors, he pivoted to the digital—part of his payments are generated through the QR code, which, ever since the initial days of the pandemic, has become an ubiquitous way for merchants and customers to exchange funds.