PhonePe, one of the leading digital payments firms in India backed by global retail giant Walmart, has announced to extend into the insurance, mutual fund and instant-cash segments to tap the fast growing digital payments industry, which is expected to touch $10 trillion by 2027.
The Bengaluru-based fintech firm has announced two major tie-ups with Aditya Birla SunLife Mutual Fund and Bajaj Allianz General Insurance. PhonePe’s tie-up with Aditya Birla Sun Life Capital will allow its users invest in liquid fund. Under its tie-up with Bajaj Allianz General Insurance, PhonePe offers its users cover on up to 1 million kilometres internal travel for a starting price of just Rs 216.
It also offers users instant refunds with no cancellation charges before the travel start date, and 24×7 international travel assistance to them throughout the journey, across 220 countries. Both leisure and business travellers can purchase travel insurance on the PhonePe app.