PhonePe launches section to help customers with credit score, bills

Fintech company says service will help users in understanding their credit health

Fintech company PhonePe on Thursday announced a new section on its platform for users to view their credit bureau score.

The company said users can use the section, which is on the homepage of the PhonePe app, without any additional cost to manage their credit or Rupay cards, repay loans or pay 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,” said PhonePe in a statement.

“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,” said Hemant Gala, chief executive officer of PhonePe Credit.

PhonePe will expand its credit offering by introducing consumer loans within the app in the upcoming months. The company is working with lending partners such as banks and non-banking financial companies (NBFCs) to build its lending business.

The company entered stock broking in August with Share.Market, which is part of its subsidiary PhonePe Wealth Broking. The move is expected to help PhonePe to compete with companies such as Zerodha, Upstox, Groww and ICICI Direct.

In April, the company forayed into e-commerce by launching a shopping app, Pincode, on the government-backed Open Network for Digital Commerce platform. The app will focus on hyperlocal commerce.