Mumbai, November 28: PhonePe is among the popular digital payment services company that allow Indian customers to share money with other parties seamlessly. The Indian digital payment company will likely offer personal loans to customers in 2024. According to the reports, the Walmart-backed PhonePe may work as a distributor for personal loans. 

PhonePe is reportedly working on its "credit underwriting tools," which may help evaluate a person's creditworthiness before the company issues them a loan. The reports said that five lenders would initially be considered, which could include banks and non-banks. With this important news, customers can get personal loans easily online from trusted lenders. Passport Seva System Down in Pune? Delays in Attending Applicants Due To Technical Issues at Passport Seva Kendras, Post Office Passport Seva Kendras.

PhonePe To Offer Personal Loans to Customers in 2024:

PhonePe has become one of the trusted platforms in India for making online payments, transferring money, and paying bills, among other functions. According to reports, the Indian digital payment company would first determine which customer profile would be appropriate for lenders' loan issuing criteria. PhonePe has reportedly been working on its "underwriting capabilities." Soon, the company may publish more details about the new loan-issuing capability for the customers. Instagram Reels Show Sexual Content Involving Minors Next To Ads From Major Brands, Says Report; Elon Musk Reacts.

PhonePe Registered Users and Merchants:

According to the Times of India's report, PhonePe has about 500 million registered users and 37 million merchants. With this number, the company can consider several customers needing personal loans from lenders. The report further said that PhonePe was in the final stages of partnering with Axis Bank regarding the distribution of the bank's credit cards. PhonePe currently distributes multiple financial services to customers like car, health, life, and so on. The report said that PhonePe offered up to 5 lakh loans to its merchant users with its merchant lending services.

(The above story first appeared on LatestLY on Nov 28, 2023 12:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website