Realme PaySa has been launched in India as Realme's answer to Xiaomi's Mi Credit. Claimed as India's first full-stack financial services platform, Realme PaySa to designed to ease transactions for both individual users and small and medium enterprises (SMEs) in the country. The Chinese company has partnered with Oppo-owned fintech startup FinShell to enable a range of financial services through the Realme PaySa platform. An Android app of Realme PaySa has also been introduced with features such as free credit report, screen insurance, and personal loans.
“Be it payments or investments, Realme PaySa app will provide all transaction options along with the protection,” Realme India CEO Madhav Sheth underlined while announcing the Realme PaySa platform at the Realme X2 launch in New Delhi. “Our mission is to enable our customers to ease at financial services.”
Sheth noted that Realme PaySa will offer services lending, savings and protection, and payments. Alongside targeting individual users, Realme is aiming to provide its native platform to SMEs to get deeper in the market. This is unlike the Mi Credit platform that is so far limited to end consumers.
“We'll be the first mobile phone company to offer financial services to both individuals and SMEs. Small businesses are a key part of the Indian economy and we understand that very well,” the executive said.
As per the details available on the Realme PaySa website, Realme has partnered with CreditMantri to offer credit reports through its new platform. There is also an option to apply for a personal loan between Rs. 8,000 and Rs. 1 lakh -- powered by EarlySalary, a Pune-based lending platform that has also tied up with Xiaomi for Mi Credit.
Realme has additionally partnered with ICICI Lombard General Insurance to offer mobile screen protection through the Realme PaySa platform, with up to two claims per year. Businesses can also avail loans between Rs. 50,000 and Rs. 20 lakhs through the new platform via LendingKart.
Individuals and enterprises can avail financial services offered by the Realme PaySa platform by directly downloading its app from Google Play.
Sheth during his on stage presentation mentioned that Realme is targeting not just tier-I and tier-II towns with Realme PaySa but is also looking to serve financial services in tier-IV and tier-V towns. This suggests that the company wants to strongly counter Xiaomi that already planned to cover more than 19,000 PIN codes in India through Mi Credit by the end of the fiscal year 2019.
Realme says that in 2020, the Realme PaySa platform is aimed at disbursing loans of Rs. 1000 crores and acquire three to five million new customers. The company is also projecting to expand its footprint in the financial services sector with the expansion of the new platform in the coming future