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ICICI Financial institution and PhonePe on Tuesday entered a partnership to supply a credit score line on UPI to clients of the Bengaluru-based fintech main.
Pre-approved clients on the PhonePe app can avail of a short-term credit score line from ICICI Financial institution as much as Rs 2 lakh with a reimbursement interval of 45 days.
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The partnership between the financial institution and PhonePe, which is the most important participant on Unified Funds Interface (UPI), comes at a time when the platform information transactions price roughly Rs 200 crore each month.
PhonePe’s market share on UPI is pegged at 49 per cent, with the second-largest participant Google Pay processing about 38 per cent of the full transaction volumes within the nation.
“Credit score line on UPI is one more revolutionary product providing that can unlock and revolutionise entry to and use of credit score within the nation. At PhonePe, we’re centered on maximising the attain and availability of this product, and this partnership with ICICI Financial institution is a key milestone in that journey,” mentioned Deep Agrawal, head of funds, PhonePe.
That is the corporate’s first partnership with any lender to supply the service.
“On the anvil of the festive season, the pre-approved clients of ICICI Financial institution can activate the credit score line immediately to make funds for his or her festive buying wants on PhonePe. Geared toward offering seamless digital credit score, this providing is prone to play an necessary position within the private banking expertise of our clients,” mentioned Niraj Tralshawala, product head – fee options, ICICI Financial institution.
The Nationwide Funds Company of India (NPCI) launched the ‘credit score line on UPI’ service final 12 months. It presents low-ticket, high-volume retail loans to people and companies.
Other than ICICI Financial institution, lenders reminiscent of Axis Financial institution, HDFC Financial institution, Indian Financial institution, Punjab Nationwide Financial institution (PNB), and State Financial institution of India (SBI) have gone stay with this facility.
Among the many apps, Bharat Interface for Cash (BHIM), Google Pay, Paytm, PayZapp, Navi, and Tata Neu are stay on this product providing.
First Revealed: Oct 08 2024 | 7:57 PM IST
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