How it works—
A customer opens PhonePe and selects the Loans category.
Currently this is the only category we support, with plans for more later.
They find their lender, and enter an identifier that fetches their outstanding payments.
This identifier is set by the lender during on-boarding. An example is a loan ID.
The borrower can now make that payment, using UPI, or any other available payment option.
The customer also gets a generated receipt immediately.