Phonepe- the fintech application that almost every online payment user is using is soon going to venture into loan market. It is of course a good news for mass because it will now loans can be disbursed on the click of a button.
There are few things that we must know about this current news:
- Phonepe currently provide services of online payment, receipt, bill payment, mobile recharge, checking bank balance, auto pay etc. facilities to its users.
- With the addition of loan lending facility, now the users will be able to apply for gold loan, two wheeler loan, car loan, gold loan, mutual fund loan, home loan and education loan.
- The company has collaborated with various Non-Banking Financial Companies to act as a bridge between lenders and borrowers. To name a few, Tata Capital, L & T Capital, Muthoot Fincorp, Home First Finance and Volt Money.
- This feature will increase phonepe’s income by way of brokerage/ agent charges. It will also motivate other such apps such as Google Pay, Bharat Pay to add this feature.
- Currently it has 15 partners which it aims to increase to 25. Of course, they will get first mover advantage in this category.
Mr. Hemant Gala, CEO, Phonepe Lending said “We are excited to announce the launch of our Secured lending platform across all major categories with top banks and NBFCs. This provides us with the opportunity to connect lenders and millions of our customers across the country on a single platform to meet their financial needs. Lenders are investing heavily in digitising the secured loan journeys and customers are adapting to the digitisation at a rapid pace. We believe it’s a great time to revolutionise secured lending product experience for the customers working with the lending ecosystem.”
