RealMe enters digital payment space with PaySa
Mumbai : Chinese smartphone maker RealMe on Tuesday announced that it aims to enter the digital payment services space in India with its new PaySa platform.
The company also claimed that they will be aiming at least 25 million customers by the end of next two years. Realme PaySa aims to serve individuals and small and medium enterprises (SMEs) in both metros and tier II and III cities. It offers digital personal loan up to ₹1 lakh and digital SME loans up to ₹5 lakh.
"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 two-three years. We are evaluating the launch of mobile phone financing and payments in 2020," Sheth said in a statement.
In 2020, they will be disbursing a loan of Rs 1000 crores, acquire three to five million new customers, launch multiple new products and take its first step in financial services in India.
A beta app has already been launched to test its services before it is released officially.
"Larger loan requirements for both individuals and SMEs are serviced by the 'realme PaySa' teams present in different cities. 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).
According to Tarun Pathak, Associate Director at Counterpoint Research, it is a good attempt but it will be part of larger ecosystem-level approach for Realme. "Realme has a good installed base in India which the brand will look to monetize sooner or later. Fintech segment is important to crack as smartphone ASP in India is increasing," Pathak told IANS. "Aspirational value for flagships run high so bridging the gap between aspirational and affordability in India is a good business opportunity," he added.