Realme PaySa was launched in India as Realme’s reaction to Xiaomi Mi Credit. Realme PaySa has been claimed as India’s first financial services platform, and is designed to facilitate transactions for both individual users and SMEs in the country. The Chinese company has partnered with Oppo FinShell startup FinShell, to enable a range of financial services through the Realme PaySa platform. The Realme PaySa Android app is also offered with features like free credit report, screen insurance, and personal loans.
Whether payments or investments, Realme PaySa will provide all transaction options besides protection, said Madhav Sheth, CEO of Realme India, where Realme PaySa was announced at the launch of Realme X2 in New Delhi. “Our mission is to allow our customers to relax in financial services.”
Seth said Realme PaySa would provide loans, savings, protection and payments. In addition to targeting individual users, Realme aims to provide its original platform for SMEs to deepen the market. This differs from the Mi Credit system, which is still limited to end consumers.
We will be the first mobile phone company to provide financial services to individuals and SMEs. The small business is a key part of the Indian economy, and we understand it well, said the CEO.
Based on the details available on the Realme PaySa website, Realme has partnered with CreditMantri to provide credit reports through its new system. There is also an option to apply for a personal loan between Rs. 8,000 rupees. 1 lakh – Powered by EarlySalary, a Bona-based loan platform that has also partnered with Xiaomi for Mi Credit.
Realme has partnered with ICICI Lombard General Insurance to provide mobile screen protection through the Realme PaySa platform, with up to two claims each year. Companies can also avail loans between Rs. 50,000 rupees. 20 thousand rupees through a new platform through LendingKart.
People and companies can take advantage of the financial services provided by the Realme PaySa platform by downloading their applications directly from Google Play.
Seth mentioned during his theatrical performance that Realme not only targets Level 1 and Level 2 cities with Realme PaySa, but also seeks to provide financial services in Level 4 and Level 5 cities. This indicates that the company wants a strong confrontation with Xiaomi that has already planned to cover over 19,000 PIN codes in India through Mi Credit by the end of FY2019.
Realme says that in 2020 Realme PaySa aims to disburse rupee loans. One billion rupees and acquired between three and five million new customers. The company also plans to expand its presence in the financial services sector with the expansion of the new platform in the near future.