Realme PaySa is similar to Mi Credit service.
Realme has partnered with Oppo-owned Fintech startup FinShell to offer a wide range of financial services.
Realme Paysa app can be downloaded from the Google PlayStore.
Realme has launched a new financial services platform named Realme PaySa as an answer to Xiaomi's Mi Credit. The company is claiming that this is India’s first full-stack financial services platform. It is said to be designed to ease transactions for both individual users and small and medium enterprises (SMEs) in the country. Realme has partnered with Oppo-owned Fintech startup FinShell to offer a wide range of financial services. The company has also introduced an Android app for Realme PaySa, which has features like 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 said while announcing the Realme PaySa platform. “Our mission is to enable our customers to ease at financial services,” he noted. Realme Paysa was announced at the launch event for Realme Buds Air and Realme X2.
Realme PaySa is similar to Mi Credit service as it will offer financial services in these key sectors- lending, savings and protection, payments and tools for business. Moreover, Realme has ensured that all the transaction data will be stored in India. The new service will also come with a human customer service that will chat with users in both English and Hinglish, which will be available for 16 hours a day, seven days a week.
“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,” Sheth said. He 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.
Realme PaySa financial services platform will generate a free credit report for all users in less than one minute. The first three credit reports will be offered for free. The company has partnered with CreditMantri for the service.
Realme PaySa will also offer fully digital loans to users. The load amount will range from Rs 8,000 to Rs 1 lakh. Realme noted that the loans will be disbursed in an average time of five minutes. Repayment tenures will vary from as low as 3 months to a maximum of 12 months. This service comes in partnership with EarlySalary.
Realme PaySa will offer business loans as well. The service will disburse loans for micro and small businesses. It will allow business owners to get loans ranging from as low as Rs 50,000 and go all the way up to Rs 5 lakhs. The loans will be offered digitally. They will come with flexible tenures. The service is claimed to cover over 90 percent of postal codes in India. Realme has partnered with Lendingkart for offering business loans.
PaySa also has a service for those who break their phone display. The financial service platform will offer screen insurance in under five minutes for both old and new smartphones. Everything from the application to claim will be digital. For this service, Realme has partnered with ICICI Lombard.
Realme Paysa app can be downloaded from the Google PlayStore here.
Follow Us
Prakhar Khanna
I write about tech stuff and tell (stupid) jokes View Full Profile
