PhonePe has been diversifying its line of products and services, which initially included only a mobile wallet and a few other services, by introducing savings and insurance products through its app. Moreover, the company has also launched a travel insurance product, which is being offered as part of the company’s response to the COVID-19.
The company’s management said that the latest capital injection would help it compete for market share with Amazon Pay, Google Pay and Paytm.
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