realme enters financial services sector in India, launches ‘realme Payसा’

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India’s fastest growing smartphone brand, realme, has forayed into the financial services sector with the launch of its platform, ‘realme Payसा’.

With this foray, realme looks to continue its path to become a mobile leader and adds a new business to its current portfolio. realme Payसा aims to serve “emerging India” in both metros and tier 2 & 3 cities and offers solutions to both individuals and SMEs

The strategy is to primarily acquire and service customers through an easy-to-use, innovative platform, supplemented with a physical distribution. The app, available on both Google Playstore & realme APP store, will have four businesses across lending, savings, payment and protection. The beta launch of the platform was done today and a full roll-out is expected in the next 6 to 12 months.

realme Payसा beta app offers digital personal loans upto INR 1 lac and digital SME loans upto INR 5 lacs. Larger loan requirements for both individuals and SMEs are serviced by the realme Payसा teams present in different cities. To improve financial awareness, the platform gives an instant free credit report with an easy to understand interface, account level details & free updates for 3 months. To solve one of the biggest tensions for phone users, realme Payसा offers screen damage insurance for both old and new phones with an option of insuring 1 or 2 damages per year. The full digital process of both buying and making claims is in line with the company’s vision to make products that are innovative, affordable and simple.

The brand 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). There would be more tie-ups as the platform expands.

Speaking on the launch, Mr Madhav Sheth, CEO- realme India, said “realme Payसा, 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.”

Mr. Varun Sridhar, Lead realme PaySa added “We aim to acquire 25mn 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. We also understand earning customers trust is key in the long run. We attach utmost importance to data privacy and customer security. All our data is fully localised and permissions taken are very transparently displayed in the App and customers can change instantly”.

In 2020, the platform aims to disburse loans of approximately 1000 Crores, acquire 3 to 5mn new customers, launch multiple new products and take its first step in financial services in India.