DIGITAL PUBLIC INFRASTRUCTURE: ENCOURAGING INNOVATION PART 1 How the private sector has benefitted from DPI

Private sector fintech and e-commerce players have found a way to use multiple consumer data inputs to determine the credit risk of an individual and accordingly provide a short-term small loan to the individual to be able to buy a product online and on credit, for the first time. [...] The AA service provider will send a request to the FIPs for access to the customer's financial data. [...] The FIPs will verify the authorization request and share the required data with the AA service provider. [...] The AA service provider will collect the data from the FIPs and present it to the customer in a structured format. [...] Adoption and Success of Account Aggregator in India Its still early stages of AA in India, but indications of success are already being witnessed with the rapid adoption of AA by the number of AA service providers, number of firms applying to become AA providers, number of financial institutions adopting AA and the number of consumers using AA.