realme enters financial services sector in India with the launch of ‘realme Payसा’

realme 3i sells out within 30 minutes of going on sale; 150,000 units sold during the first sale event

New Delhi, December 17, 2019: India’s fastest growing smartphone brand, realme, today announced its foray 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.

About realme:

Realme is a technology brand that specializes in providing high-quality smartphones with the best design and performance. The brand was officially established on May 04th, 2018 by its founder Sky Li and Madhav Sheth in India, together with a young team who have rich experience in the smartphone industry. Realme is committed to offering powerful performance, stylish design, sincere services and exploring more possibilities of smartphones. Realme has launched 16 smartphones, which includes realme 1, realme 2, realme 3, relame 2 Pro, realme 3 Pro, realme U1, realme C1, realme C2, realme 3i, realme X, realme 5 and realme 5 Pro, realme XT, realme 5s and ultimate flagship realme X2. Relame has also introduced smartphone accessories such as power banks, buds 2, realme buds wireless and an all new realme buds air.

As per both Counterpoint and IDC, realme has become the 4th largest smatphone brand in India since Q4 2018. CMR has claimed realme as No. 1 Quality Smartphone Brand in India with the lowest return rate and the highest customer satisfaction on reliability.

About Neel Achary 21413 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.