Walmart-owned fintech major PhonePe has rolled out a new feature on the platform that will allow its users to manage their credit cards as well as pay bills and loans.

The ‘credit’ section will enable users to view their credit bureau score without any additional cost, PhonePe said in a statement, adding that the credit bureau report will also provide summarised credit insights such as their credit utilisation, credit age, on-time payments and more.

“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,” said Hemant Gala, CEO, PhonePe Credit.

The credit feature is aimed at offering easily accessible and simple tools to users to enable them to achieve their financial goals by launching financial services like insurance, stock broking and mutual funds.

Expand offerings

PhonePe plans to expand its credit offerings by launching consumer loans within the app. With this, the company aims to address the diverse credit requirements of its customers across various segments.

The fintech unicorn is also working on the development of a lending platform distributing diverse products by partnering with the banking and non-banking financial company (NBFC) industry while adhering to the policy and guidelines set by the regulator.

In 2023, PhonePe is on an expansion spree and has launched a number of new offerings in recent times, including separate apps for e-commerce (Pincode) and investment tech (Share.Market) and Indus Appstore.

Related Topics
comment COMMENT NOW