PhonePe Plans To Commence Loan Service Soon Details Inside

India's one of the biggest UPI service-providing companies 'PhonePe' is all set to start a loan distribution service. It is expected that from January 2024, PhonePe users will have the option to get loans on the UPI App only. 

The UPI service provider has almost finalized negotiations with about 5 banks and non-banking finance companies (NBFC) to felicitate loan services. Walmart-owned PhonePe will act as a loan- distributor for its more than 50 crore customers and 3.7 crore small and big businesses.

According to the report of Economic Times, five banks and NBFCs have agreed to start the loan services on the PhonePe platform. Soon the company will also make an announcement regarding the same. At present, the company has started searching for people from its customer database who are eligible for various types of loans. Gradually the company will start sending them offers.

PhonePe has a 50 crore Customer base

PhonePe had recently crossed the figure of a 50 crore customer base. It has about 3.7 crore merchants on the PhonePe platform. Recently the company also initiated talks with Axis Bank to start a credit card service. This service is in line to start soon.

Sold 50 Lakh Plus Insurance Policies

PhonePe has 50 crore consumers. The company has already been successful in launching insurance services on its platform. Currently, life, health, motor, and car insurance are available on the company's platform. To provide insurance services, PhonePe has tied up with many companies including ACKO. Till July this year, the company has sold 56 lakh policies.