Realme Launches Financial Services In India

Chinese smartphone maker Realme has announced its foray into the financial services sector on Tuesday. The company has launched realme Paysa, which aims to help people in tier 2 & 3 cities. Currently, the app is available on both Google Playstore and the company's app store.

However, the company has launched the beta version today (December 17) and full roll-out will take the next six to 12 months. "Realme Paysa, as the name suggests, has evolved out of a combination of Indian ethos & our relentless pursuit of making our customer's life easier. We aim to repeat our success in the mobile business and become one of the top 5 new entrants in financial services in the next 2-3 years. We are evaluating the launch of mobile phone financing and payments in 2020," Madhav Sheth, CEO- Realme India said.

It is worth mentioning that Realme Paysa provides personal loans up to one lakh and Rs. 5 lakhs loans SME. Besides, the company will offer instant free credit reports, account-level details, and free updates for three months. Also, Realme offers screen damage insurance to both old and new phones. Notably, the company has also joined hands with Early Salary for personal loans, Lending Kart for business loans, and Credit Mantri for a free Credit report. The company is also looking for more partnerships as the platform expands.

"We aim to acquire 25 million customers in the next 2 years by making mainstream financial products accessible to consumers in emerging India. We plan to win by bringing innovation in our OS & hardware to simplify access, co-develop products with partners and develop products that are easy to use," Varun Sridhar, Lead realme PaySa. On the other hand, the company is planning to disburse loans of Rs. 1000 crore to acquire three to five million new customers.