PhonePe is set to launch consumer lending by January 2024

Digital payments major PhonePe is set to launch consumer lending on its platform by January 2024, two people aware of the discussions told ET, requesting anonymity.

To begin with, the Walmart backed company will work as a distributor for personal loans, as it slowly builds up credit underwriting heft, they added. The fintech is in the final stages of integration with five lenders—a mix of banks and non-banking finance companies (NBFCs).