Financial services becomes next battleground for PhonePe, Amazon and Google

Walmart-owned PhonePe has become the fastest-growing insure-tech distributor in India within just 9 months of the insurance category going live on the digital payments app

After digital payments, financial services is becoming the next big battleground for players such as Walmart-owned PhonePe, Amazon, Google and Paytm. The size of the Indian financial services market could touch around $340 billion in the next few years.
 

PhonePe said it sold over 500,000 insurance policies on its platform during the period April - August 2020. This makes PhonePe the fastest-growing insure-tech distributor in India within just 9 months of the insurance category going live on the app.
 

PhonePe forayed into the insurance segment in January this year. It was the first digital payment platform to launch international travel