UPI payments giant PhonePe today introduced a new 'Credit' section on its mobile application, which would allow users to view their credit bureau score and manage their financial activities such as credit/Rupay card management, loan repayments, and credit card bill payments.
Interestingly, the fintech giant will offer this service at no additional cost to the users.
Insights and tools for financial management
The Credit section on PhonePe provides users with summarized credit insights, including details on credit utilization, credit age, and on-time payments. PhonePe said this would help its users understand and manage their credit health better.
“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,” said Hemant Gala, chief executive officer of PhonePe Credit.
Focused on expansion
Originally focused on making payments ubiquitous on the UPI platform, PhonePe has significantly expanded its offerings. The company now provides a range of financial services, including insurance, stock broking, and mutual funds.
PhonePe plans to further expand its credit offerings by introducing consumer loans within the app in the coming months. In FY23, PhonePe reported a 77% increase in its consolidated revenue, reaching Rs 2,914 crore, despite an operating loss. The company has over 500 million users and 37 million merchants in India.
Expansion beyond financial services
Beyond financial services, PhonePe has ventured into other tech-enabled businesses, including the launch of Pincode for hyperlocal shopping and the Indus App Store, India's first localized app store.
In late August 2023, the company also ventured into stock broking with the launch of Share.Market under its subsidiary PhonePe Wealth Broking Pvt. Ltd. PhonePe said the new platform elevates discount broking by providing market intelligence, quantitative research-based WealthBaskets, and a scalable technology platform.
Share(dot)Market enables retail investors to invest in stocks, intra-day trades, and buy Curated WealthBaskets and Mutual funds.
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