PhonePe announces the launch of a Tax Saving solution on its app

National, 28th March, 2019: PhonePe, India’s fastest growing payments platform, today announced the launch of a Tax Saving solution for its customers. The solution allows users to save upto Rs.46,800 in taxes in just a few minutes on the PhonePe app. 

Commenting on the launch, Hemant Gala, Head Payments, Banking & Financial Services said, “We are very excited to launch our second wealth management product, after the Gold launch that we did a year ago. This time, our focus is on creating simple, innovative solutions aimed at minimizing our customer’s tax burden. Most consumers find buying financial products to be a complicated process today, and we want to help them by making the end-to-end research and purchase journey really simple.”

“The Government of India has created many attractive tax-savings opportunities that every Indian citizen should be availing. Yet most of us don’t leverage these opportunities to the fullest extent. PhonePe’s Tax Saving product is an excellent way for millions of Indians to quickly save thousands of rupees in just a matter of minutes. This can be done instantly anytime, anywhere and in a completely paperless manner. We are confident that our 100 million user base will see tremendous value in this product.” added, Terence Lucien, Head – Mutual Funds, PhonePe.

The investment process has been designed in such a way that it makes the user’s tax saving journey simple and easy. All a user needs to do is:

Step 1

Enter the amount and select the fund to invest in

Step 2

Complete the one-time digital KYC

Step 3

Make payments using a UPI-linked bank account and get an instant receipt

More on Tax Saving Funds:

Tax Saving Funds are also known as ELSS: Equity Linked Savings Schemes. The tax saving amount for investing in the tax saving fund is as per Section 80C of the Income Tax Act, which allows individuals to reduce their taxable income by up to INR 1,50,000 by claiming deductions with regard to certain investments and expenditures as specified. The tax saving of INR 46,800 is calculated for a customer in the highest tax bracket (30%) and includes 4% cess as applicable for FY 2018-19 and FY 2019-20.

About PhonePe:

Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 100 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 25 lakh merchant outlets nationally. PhonePe also launched its own Apps platform in 2018, and today its customers can place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo etc directly from within the PhonePe Mobile App. For more details, please visit https://www.phonepe.com or download the PhonePe app.

For more details: [email protected]