personal finance

Walmart owned PhonePe expands its Financial Services palette

MUMBAI: Walmart backed PhonePe in a tie-up with Aditya Birla Sun Life Mutual Funds today announced that it’ll allow users to invest in ‘liquid funds’ which will enable these customers to earn yields on savings lying idle in their wallet accounts.

The all-digital product will help users grow their savings by earning higher short-term FD-like returns with the ease and liquidity of a Savings Account, the company said in a press note.

“There are a lot of customers across the country who have idle money in the tune of Rs.5000 to Rs.15000 lying in their accounts,” Hemant Gala, Head Payments, Banking & Financial Services at PhonePe told ET over a telephonic interaction. “We want these customers an option to invest digitally in a risk free mutual fund offering.”

The product which will be integrated in PhonePe’s mobile application will need customers to authenticate themselves through a KYC process before they can start investing. The minimum limit has been set at Rs.500.

This will allow customers to track their savings grow in real time. Furthermore, these funds will come with easy withdrawal option as well without any lock in period or minimum balance requirement, the company said.

The product offering is in line with PhonePe’s larger commitment to evolve as a financial services player following on the footstep of its payment rival Paytm. The Walmart backed company has a registered customer base of 17.5 crore with over half of its transaction volume originating from outside of metro cities.


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