SUMMARY
- The ‘Credit’ section will enable users to view their credit bureau score without any additional cost
- PhonePe said it will soon expand its credit offerings by launching consumer loans within the app
- PhonePe is also working on the development of a lending platform distributing diverse products by partnering with the banking and NBFC industry
Walmart-owned digital payments app PhonePe has rolled out a new feature on the platform that will allow its users to manage their credit cards as well as pay bills and loans.
The ‘Credit’ section will enable users to view their credit bureau score without any additional cost, PhonePe said in a statement, adding that the credit bureau report will also provide summarised credit insights such as their credit utilisation, credit age, on-time payments and more.
Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe offers financial services to users. It competes with publicly listed Paytm and Google Pay in the digital payments space and also provides mutual funds and insurance products.
Commenting on the launch, Hemant Gala, chief executive at PhonePe Credit, said, “We believe that financial empowerment starts with understanding and managing your credit health. This launch is a significant step towards providing our users with the tools and knowledge they need to make informed financial decisions.’’
The startup’s ‘Credit’ feature is aimed at offering easily accessible and simple tools to users to enable them to achieve their financial goals by launching financial services like insurance, stock broking and mutual funds.
PhonePe further said that it will soon expand its credit offerings by launching consumer loans within the app. With this, the company aims to address the diverse credit requirements of its customer base across various segments.
The fintech unicorn is also working on the development of a lending platform distributing diverse products by partnering with the banking and non-banking financial company (NBFC) industry while adhering to the policy and guidelines set by the regulator.
The announcement comes weeks after Walmart’s chief financial officer David Rainey said that PhonePe reached a total payment value (TPV) of $1.3 Tn, equating with some of the largest fintech firms in the US market.
After raising nearly $1 Bn in 2023, PhonePe is on an expansion spree and has launched a number of new offerings in recent times, including separate apps for ecommerce (Pincode) and investment tech (Share.Market) and Indus Appstore.
