Info-tech

Realme PaySa eyes UPI and prepaid payment instruments

Surabhi Mumbai | Updated on February 05, 2020 Published on February 05, 2020

Realme PaySa, the financial services app of smartphone brand realme, is looking to roll out the next round of features on its platform soon, and is also looking at UPI and prepaid payment instruments as part of its offerings.

“We are in deep study of the payment offering. We want to start doing something on payments. UPI is a great story. We have a full team and will take a decision soon,” said Varun Sridhar, lead, realme PaySa, adding that the company is also looking at prepaid payment instruments (PPI).

“The combination of UPI and PPI can be very useful,” Sridhar told BusinessLine, adding that the phase two of the app will be focussed more on services such as savings and insurance.

“We will go deeper in each of the verticals and have more partnerships in each segment,” he said, adding that it is also looking at mobile financing. Smartphone player realme had, in December last year, forayed into the financial services sector with realme PaySa with four businesses across lending, savings, payment and protection. Products include digital personal loans of up to ₹1 lakh, loans of up to ₹5 lakh for SMSEs, and screen damage insurance for both old and new phones. Sridhar said the company is targeting not only realme customers but also other android users. The app is available on Play Store and has been downloaded by more than 85,000 users.

“We have given ourselves 18 to 24 months to be a fully-ready financial services, except for being a bank,” said Sridhar. The company will also look at credit card offerings and is hopeful of applying for a licence for a NBFC as it acquires scale.

“In future, once business achieves scale and success, we will look at an NBFC licence. In the next 12 to 36 months, we would like to have an NBFC licence as it will get us loan for our segment,” said Sridhar.

It plans to disburse loans of about ₹1,000 crore and acquire about 30 lakh to 50 lakh customers this year.

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Published on February 05, 2020
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