PhonePe Introduces ‘Credit’ Segment on App, Empowering Users with Financial Management
- ByStartupStory | December 21, 2023
PhonePe, an entity backed by Walmart and specializing in payments and financial services, has rolled out a fresh ‘Credit’ segment within its platform. This new feature enables users to access their credit bureau score without any additional charges and take charge of their credit/Rupay cards, along with managing loan repayments and credit card bills.
Hemant Gala, CEO of PhonePe Credit, expressed excitement about this launch, emphasizing the significance of understanding and managing one’s credit health for financial empowerment. Gala stated, “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.”
Initially focused on UPI-based payments, PhonePe expanded its scope beyond payments, introducing user-friendly tools like insurance, stock broking, and mutual funds. With the addition of the ‘Credit’ tab, customers can now conveniently access their credit score, handle credit card and loan repayments, and receive guidance on enhancing their creditworthiness. Looking ahead, PhonePe intends to broaden its credit offerings by introducing consumer loans within the app, catering to the diverse credit needs of its customer base.
Despite witnessing a substantial 77% surge in consolidated revenue to Rs 2,914 crore in FY23, PhonePe India Pvt Ltd, overseeing its payments business, reported an operating loss of Rs 1,755 crore compared to the previous year’s Rs 1,612 crore. However, the fintech giant holds a commanding position in the market, with a UPI market share of 50.54% in terms of total payments value as of March. With over 500 million users and 37 million merchants in India, PhonePe has diversified its services into various financial sectors, including insurance, digital gold, mutual funds, stock broking, and lending. Additionally, it has ventured into tech-enabled businesses like Pincode for hyperlocal shopping and the Indus App Store, India’s inaugural localized app store.
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