PhonePe expands into financial services, launches int’l travel insurance

In an attempt to diversify and go deeper into the Indian financial services market, Walmart-owned digital payments firm PhonePe has forayed into the insurance segment. The Bengaluru-based firm has launched international travel insurance in collaboration with Bajaj Allianz General Insurance.

PhonePe, which competes with Alibaba-backed Paytm, Amazon Pay and Google Pay, claimed it is India’s first digital payment platform to launch international travel insurance.

“Our travel insurance product is an indication of our commitment to providing business and leisure travellers with insurance coverages that are convenient to not only buy but also self-service,” said Gunjan Ghai, head of Insurance, PhonePe. “ We believe our travel insurance offering is empowering for customers, especially when they can carry their policy on their mobile while abroad.”