Walmart's PhonePe dives deeper into Indian financial services market

The start-up says Liquid Fund will allow its users to earn higher returns on savings with the ability to withdraw their money instantly 24x7

Walmart-owned digital payments firm PhonePe has started going deeper into the Indian financial services market, whose size could touch around $340 billion in the next few years. PhonePe said it had launched a new savings product “Liquid Fund” on its app. 

The company said the all-digital product would help its over 175 million users grow their savings by earning higher short-term fixed deposit like returns with the ease and liquidity of a savings account. The Bengaluru-based firm is competing with rivals Alibaba-backed Paytm, Google Pay and Amazon Pay that are also eyeing the sector.

“Our strategy around financial services is figuring out