Financial technology has seen the best time in the last two weeks when the startup companies are involving in the financial market. PhonePe app after gaining popularity in payments arms, finally have decided to move into Mutual Funds. The financial service will be provided through the PhonePe app technology. PhonePe is targeting the millennial, as their base customer, who is looking into managing their wealth.
PhonePe has been highly progressive in last three years which has currently reached up to 30 million monthly transacting consumers. PhonePe was the first platform as a payment mode that was acquired by Flipkart, which has now become one of the largest business making platforms, with high returns for themselves, and is now stepping into the financial market.
Small towns and cities are mostly using PhonePe app that has increased users or payment transactions to 1 billion. The convenience of using this app has enabled to convince their users, particularly in recharging, buying of goods, transfer of money, DTH, data cards and buying of golds.
PhonePe aims to work with large or small business to acquire and utilize their app with the opportunity for more than 100 million users to log in through this particular app and make easy payments. According to Times of India, making an investment and buying insurance through the apps are now creating interests to consumers, whereas in recent start-up known as Groww had seen a rise of $6 million from investors.
According to Moneycontrol, the app made as a payment option has been efficient enough to win the trust of both 4.5 lakh offline and online merchants occupying every common human utility like food, travel, groceries etc. PhonePe has a new entity in business introducing to financial market known as PhonePe Wealth Services that will be separate from the UPI and mobile wallet, above all the company, is on the target of influencing 5 million more consumers by December stated by Yuvraj Singh Shekhawat, head of the offline organized business, PhonePe.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]