Bengaluru, January 08, 2020: PhonePe, India’s leading digital payments platform today announced the launch of a new savings product ‘Liquid Fund’ on its app. The all-digital product will help over 175 million PhonePe users grow their savings by earning higher short term FD-like returns with the ease and liquidity of a Savings Account.
Users can begin saving with as low as Rs.500/- in a completely secure and paperless process in less than 5 minutes. Liquid Funds are the best way for new users to experience Mutual Funds as the money is invested in safer instruments such as bank and government securities. Customers can withdraw their money instantly – anytime and from anywhere*. There is no lock-in period and the customer does not have to maintain a minimum balance. The best part is that customers can watch their money grow every day.
With this launch, PhonePe is taking large strides towards its goal of expanding awareness and adoption of Financial Services products in India. PhonePe aims to achieve this by creating simple products and offerings that are intuitive for customers to understand and easy to apply for. PhonePe’s Liquid Fund product is targeted at users across India including those from smaller towns and cities, who have never experienced solutions beyond Savings Accounts. PhonePe already sees over 56% of its transactions from Tier 2 and Tier 3 cities.
Speaking on the launch, Terence Lucien, Head of Mutual Funds, PhonePe, said, “This is our second product in the Mutual Funds space after Tax Saving Funds where we have created a completely digital investment flow for our users. Liquid Funds will allow millions of our users to earn higher returns on their savings with the ability to withdraw their money instantly 24×7*. We will continue to add more such financial solutions for our users to manage their money and fulfill their life aspirations in a better way.”
About PhonePe:
Bengaluru-headquartered PhonePe is the fastest growing digital payment platform in India with over 175+ million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments and buy gold. PhonePe is accepted across 8+ million merchant outlets nationally. PhonePe also launched its own Switch platform in 2018, and today its customers can place orders on Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo, etc directly from within the PhonePe Mobile App. For more details, please visit https://www.phonepe.com or download the PhonePe app.
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*Instant withdrawal: 90% of the balance, up to Rs. 50,000 max. per day will be credited to the User’s bank account within 30 minutes. The balance will be credited within 2 working days.
