Realme to roll out full stack financial services

Prominent smartphone company Realme, which launched its financial services last month, is actively studying on mobile payments and expects to launch very soon a payment solution.

The company has plans to roll out full stack financial services across lending, payments, savings and protection with an aim to increase its customer base to 25 million customers in the next two years, Realme PaySa Lead Varun Sridhar told The Hindu.

He said their focus was to spread their reach to metros and as well as tier two and three cities and offer solutions to both individuals and SMEs and they had the largest customer base in Andhra Pradesh and Telangana with two million downloading Realme PaySa app. “Visakhapatnam, Vijayawada and Rajamahendravaram have huge potential for us in A.P.,” he said.

Mr. Sridhar said they were in the process of identifying five tier three and four cities/towns in the two Telugu States. On the whole, a bouquet of financial services kick-started by them on December 17 last year, he said adding their strategy was to primarily acquire and service customers through an easy-to-use, innovative platform, supplemented with a physical distribution.

He said the app, available on both Google Playstore and Realme App store, would have four verticals of businesses viz. lending, savings, payment and protection. Beta app offers digital personal loans up to ₹1 lakh and digital SME loans up to ₹5 lakh.

Larger loan requirements for both individuals and SMEs are serviced by the Realme PaySa teams present in different cities. He said for the platform gives an instant free credit report with an easy to understand interface, account level details and free updates for three months.

Mr. Sridhar said, to give hassle-free experience in using phones, they were providing screen damage insurance for old and new devices with an option of insuring one or two damages per year. He said their focus on providing data privacy and customer security.

On their projections, he said in 2020 the platform aims to disburse loans of approximately ₹1,000 crore, launch multiple new products and take its first step in financial services in India.

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