PhonePe, the digital payments app owned by Walmart, has unveiled a new ‘Credit’ feature on its platform, offering users the capability to manage credit cards, pay bills, and access crucial credit insights. The introduction of this feature aims to provide users with a comprehensive set of tools to enhance their financial management experience.
In a statement, PhonePe highlighted that the ‘Credit’ section will allow users to view their credit bureau score at no additional cost. Additionally, the credit bureau report will present summarized credit insights, including details on credit utilization, credit age, on-time payments, and more.
Founded in December 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe has evolved into a multifaceted financial services platform, competing with industry giants such as Paytm and Google Pay in the digital payments space. Beyond payments, PhonePe offers mutual funds and insurance products, demonstrating its commitment to providing a diverse range of financial services.
Hemant Gala, Chief Executive at PhonePe Credit, commented on the launch, stating, “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 ‘Credit’ feature aligns with PhonePe’s broader strategy to offer accessible and user-friendly tools to assist users in achieving their financial goals. The platform plans to expand its credit offerings further by introducing consumer loans within the app, catering to the diverse credit requirements of its customer base across various segments.
PhonePe is actively working on the development of a lending platform that will collaborate with banking and non-banking financial companies (NBFCs), ensuring compliance with regulatory policies and guidelines.
This announcement comes on the heels of PhonePe’s recent achievement, reaching a Total Payment Value (TPV) of $1.3 trillion, placing it in league with some of the largest fintech firms in the US market. With a substantial funding injection of nearly $1 billion in 2023, PhonePe has embarked on an expansion journey, introducing new offerings such as separate apps for ecommerce (Pincode) and investment tech (Share.Market) and the Indus Appstore.
