realme forays into financial services with PaySa app

Our BureauMumbai, December 17 Mumbai | Updated on December 17, 2019 Published on December 17, 2019

Smartphone player realme has forayed into the financial services sector with its platform realme PaySa with four businesses across lending, savings, payment and protection.

It will offer digital personal loans of up to ₹1 lakh and digital loans to SMSEs of up to ₹5 lakh. Larger loan requirements are serviced offline by the realme PaySa teams in different cities.

The platform also provides an instant free credit report with an easy to understand interface, account level details and free updates for three months. It also offers screen damage insurance for both old and new phones with an option of insuring one or two damages per year.

It has entered into strategic co-development partnerships with Early Salary (for digital personal loans), Lending Kart (for digital business loans) and Credit Mantri (for free credit report), the company said in a statement on Tuesday, adding that there would be more tie-ups as the platform expands.

In 2020, it plans to disburse loans of about ₹1,000 crore, acquire about 30-50 lakh customers and launch more products.

Mobile phone financing

Madhav Sheth, CEO, realme India, said: “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 two to three years. We are evaluating the launch of mobile phone financing and payments in 2020.”

“The beta launch of the platform was done on Tuesday and a full roll-out is expected in the next six to 12 months,” it said.

Varun Sridhar, Lead, realme PaySa, said: “We aim to acquire 2.5 crore customers in the next two years by making mainstream financial products accessible to consumers in emerging India.” All the data is fully localised.

Published on December 17, 2019
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