PhonePe launches 'Credit' section on app to offer users financial control
PhonePe’s new "Credit" tab will allow customers to access their credit score, manage credit card and loan repayments, and receive guidance on improving their credit score.
Walmart-backed payments and financial services companyhas launched a new ‘Credit’ section on its platform.
With the latest feature, users can view their credit bureau score at no extra charge, as well as manage their credit/Rupay cards and repay loans and credit card bills.
Additionally, PhonePe said its credit bureau report offers users summarised credit insights, including credit utilisation, credit age, and on-time payments.
“We are excited to launch the Credit section on the PhonePe app, inching a step closer towards our aim of catering to the credit needs of our consumers across various segments. 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,” said Hemant Gala, CEO, PhonePe Credit.
PhonePe initially set out to make payments on the UPI platform. Building on its success in the payments sector, PhonePe expanded its offerings to include user-friendly tools designed to help customers achieve their financial goals.
This includes the introduction of financial services such as insurance, stock broking, and mutual funds. PhonePe’s new "Credit" tab will allow customers to access their credit score, manage credit card and loan repayments, and receive guidance on improving their credit score.
In the coming months, the fintech giant plans to expand its credit offerings by introducing consumer loans within the app to address the credit requirements of its customer base across various segments.
In FY23, the fintech company witnessed a 77% surge in its consolidated revenue to Rs 2,914 crore. With a UPI market share of 50.54% in terms of total payments value as of March, PhonePe India Pvt Ltd, the entity overseeing its payments business, reported an operating loss of Rs 1,755 crore in FY23, compared to Rs 1,612 crore in the preceding year.
PhonePe has over 500 million users and 37 million merchants in India. It has extended its services to financial sectors like insurance, digital gold, mutual funds, stock broking, and lending. It has also entered tech-enabled businesses such as Pincode for hyperlocal shopping and the Indus App Store, India's first localised app store.
Edited by Kanishk Singh