It is a known fact that True me and Xiaomi clashed in the smartphone space in India. With these two companies operating on very thin margins, it has become essential for them to seek out income opportunities other than selling smartphones to build a sustainable business. Xiaomi took the controversial revenue generation route by embedding ads in their MIUI skin – a move that was widely criticized by smartphone connoisseurs and Mi fans. While Realme continued to maintain that ads in the menu would never appear on their smartphones, it is evident that the company is in desperate need of another source of revenue. This is where the company’s new financial services platform – Paysa comes in. Interestingly, the launch of Realme Paysa comes a few days after Xiaomi offered a similar platform called Mi Credit in the countryside. While these two companies operate differently, it seems they both came up with a similar idea for generating income in a tough market like India.
Now let’s take a closer look at Realme Paysa.
What is Realme Paysa?
Realme describes Realme Paysa as India’s first full stack financial services platform. Unlike Xiaomi’s Mi Credit platform which caters to the company’s existing customer base, the average smartphone buyer – Realme Paysa, right off the bat – has a larger target audience in mind. The Paysa platform will not only offer small personal loans to individuals, but it also has small and medium-sized enterprises (SMEs) in mind. Even in its current nascent form, Realme Paysa offers features like free credit reports, screen insurance for your smartphone, and personal loans. The service portfolio will expand in the not too distant future. At the time of filing this report, Realme Paysa is only available to users as an Android app downloadable through the Google Play Store.
Realme Paysa additional details
Realme has teamed up with several partner companies to bring Realme Paysa to the masses. Among them, the FinTech start-up owned by OPPO, FinShell. The free credit report generation is handled by CreditMantri while the personal loan service is handled by a Pune based company called EarlySalary. Interestingly, this company from Pune has also partnered with Xiaomi for Mi Pay. For insurance services, Realme Paysa has partnered with ICICI Lombard. As of today, individuals and SMEs can avail personal loans between 50,000 INR and 20 lakhs INR using the Paysa platform. Realme also said that in 2020 alone, it aims to disburse loans of at least 1,000 crore and create a customer base of more than five million customers. It would only be a matter of time before we know which of these two new services manages to become the most popular.
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