Smartphone maker OPPO, on Monday, announced the launch of its financial services platform, OPPO Kash. In its beta version, it has launched five products, including free credit reports, personal loans up to ₹2 lakh, business loans up to ₹2 crore, and screen insurance. Additionally, it is also offering a product called Freedom SIP, where users can start mutual fund investments with just ₹100.

OPPOis the latest to enter the financial services sector with this launch. In December last year, smartphone player realme forayed into the financial services sector with its platform, realme PaySa.

OPPO Kash aims to get about 1 crore customers and assets under management of ₹50,000 crore over the next five years. “After establishing a formidable reach across the country, the platform aims to have six offerings in the next 18 months – payments, lending, savings, insurance, financial education and, for the first time in India, a financial well-being score,” it said in a release.

Sumit Walia, Vice-President, Product and Marketing at OPPO, told BusinessLine that the company plans to target its 60,000-plus sale points across the country, where customers can tap into OPPO Kash. “The OPPO team is piloting a phygital acquisition model leveraging the smartphone sales team in OPPO stores to cross-sell financial products. The pilot will run in select stores in select Tier 1,2,3 cities for six months after which an all-India roll out will be done,” the release said.

Zafar Imam, Lead, OPPO Kash, said: “We plan to offer a one-stop-solution for all financial services on the phone.” It will be pre-installed in OPPO smartphones and will also be available for download on Google Playstore for non-OPPO users. However, iPhone users will not be able to avail the service as of now, although the company may consider rolling it out for them at a later date.

Related Topics
comment COMMENT NOW