PhonePe Witnesses A Tremendous Growth In Loan Repayments Post Lockdown.

–CT News Desk

Bengaluru: PhonePe forayed into financial services in the year 2017. To date it has over two hundred million registered users and accepted over ten million merchant outlets across four hundred cities nationally. Using PhonePe users can send and receive money, recharge mobile, DTH, data cards, buy gold, pay at stores, make utility payments and investments. It launched Switch platform in 2018 and today its customers can place orders on over hundred and eighty apps. PhonePe also launched Corona Care, a dedicated insurance product for the Covid 19 pandemic.

PhonePe, recently announced that it has seen over hundred and fifty percent growth in loan EMI repayments since March 2020. Currently it has over sixty lenders integrated with its platform to help its users make easy and timely payment of their loans with no additional charges. It has tie up with nation’s biggest private non-banking lenders including Bajaj Finance, Muthoot, DMI Finance, Home Credit and Tata Capital.

Speaking of the development, Ankit Gaur, Head of Online Business, PhonePe said “We have enabled easy discovery of lenders with instant access and kept the process user-friendly. We aim to expand our lender base to over hundred by the end of this year to attract more users nationwide.”

Kurush Irani, President Credit Operations, Bajaj Finance said “Our partnership with PhonePe ties up with our strategy of providing friction less customer while making missed payments and augmenting digital connections.”

PhonePe enables their users to pay their loan EMIs within seconds by following 4 simple steps on the app.