PhonePe taps merchants in big lending push

Digital payments major PhonePe has jumped on the credit bandwagon with a foray into merchant lending. This comes on the heels of its aborted acquisition of fintech lending platform ZestMoney, which it had hoped to build up as a consumer lending vertical.

To begin with, the payments major has gone live with loans for the more-than-35-million merchants who accept UPI payments through PhonePe. To be eligible, a merchant should have used the app actively over the last six months. They would also have to process more than Rs 25,000 per month continuously for these six months through their PhonePe QR code stickers to avail of the offer.