PhonePe becomes India’s fastest growing insure-tech distributor
The company’s mutual funds offerings have also seen investments from over 15,000 pin codes & 5000+ cities
August 25, 2020: PhonePe India’s fastest growing digital payment app today announced that it has emerged as the fastest growing insure-tech distributor in India. In a significant milestone, PhonePe’s mutual fund offerings have also seen investments from over 15,000 pin codes across 5000+ cities in India. Financial services is a key focus area for the company, and in the last 4 months alone, PhonePe has added 6 new products in the insurance and wealth management space.
Speaking about PhonePe’s Financial Services journey, Hemant Gala, Vice President, Financial Services & Payments, said, “PhonePe is building India’s most comprehensive Financial Services platform. Our philosophy has always been to launch customer centric products backed by a deep understanding of customer needs, with simplified payment flows. The customer response to our recent launches has been phenomenal, and we have already become the fastest growing insure-tech distributor in India and have also seen Mutual Fund investments from over 15,000 pin codes across tier 1,2 & 3 cities and towns. We will be launching multiple tailor-made products in the financial services space addressing key use cases and solving critical customer problems by the end of the year.”
What is noteworthy is that over 70% of PhonePe’s transactions come from Tier 2 and Tier 3 cities with many users buying Insurance products and investing in Mutual Funds for the first time.
Here’s what some customers who have tried the products have to say:
“I always thought Mutual Funds are risky. But when I got to know about Liquid Funds, I found it to be a good way to invest as there was zero stock market risk. I tried it out and started earning better returns on my money than my savings account. I am very happy saving my money with Liquid Funds.” – D.Kumar Napit, Dhanbad
“I purchased the Coronavirus Insurance policy from PhonePe in May ’20. Unfortunately, I was diagnosed with Coronavirus in mid June ’20, once I recovered and my quarantine period was over, I decided to register a claim. Initially, I thought it would be a tedious process but I was in for a surprise. I registered the claim in the first week of July, the insurer contacted me for my documents, once I sent them the reports and other details, the claim amount was transferred to my account within a week. The entire process was very quick and easy.” – A.Sharma, Visakhapatnam
PhonePe is India’s leading digital payments platform with over 230 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of digital gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched Mutual funds and Insurance financial products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 200 apps including Ola, Myntra, IRCTC, Goibibo, RedBus, Oyo etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 11 million merchant outlets across 500 cities nationally.
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