PhonePe, recently announced the launch of a new ‘Credit’ section on its platform. The new section will allow users to view their credit bureau score without any additional cost, conveniently manage their credit/ Rupay cards and repay loans and credit card bills. The Credit bureau report also provides users with summarized credit insights such as their credit utilization, credit age, on-time payments, and more.
PhonePe started with the objective of making payments ubiquitous on the UPI platform. Following its leadership in Payments, PhonePe segued into providing simple & intuitive tools for customers to achieve their financial goals by launching financial services like Insurance, Stock Broking and Mutual Funds. In today’s day and age where financial management is extremely critical, PhonePe has launched “Credit tab” where customers can easily access their credit score, repay credit card/ loans – while also being apprised on ways to improve their credit score.
Hemant Gala, CEO, PhonePe Credit said, “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.’’
In the coming months, PhonePe said it will expand its credit offerings by introducing consumer loans within the app. PhonePe said it is committed to building a lending platform distributing diverse products by partnering with the Banking and NBFC industry while adhering to the policy and guidelines set by the regulator. With the goal of providing accessible and responsible lending services, PhonePe said it is closely working with its lending partners to build a sustainable lending business.