PhonePe launches ‘Credit’ to streamline financial management for consumers

By Gloria Mathias

PhonePe has 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 or Rupay cards, and repay loans and credit card bills.

The Credit Bureau report also provides users with summarised credit insights such as their credit utilisation, credit age, on-time payments, and more.

PhonePe started with the objective of making payments ubiquitous on the UPI platform. Following its journey in payments, PhonePe segued into providing simple and 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 the “Credit Tab,” where customers can easily access their credit score, and repay credit cards and loans while also being apprised of ways to improve their credit score.

Speaking on the launch, 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 will expand its credit offerings by introducing consumer loans within the app. This marks the beginning of its commitment to address the diverse credit requirements of its customer base across various segments.

PhonePe is dedicated to building a lending platform and distributing diverse products by partnering with the Banking and NBFC industry while adhering to the policies and guidelines set by the regulator. To provide accessible and responsible lending services, PhonePe is closely working with its lending partners to build a sustainable lending business.