After making a strong entry in the smartphone market of India Oppo’s sub-brand Realme has made its entry to the Financial sector of India with Realme PaySa (stylized as Realme Payसा) taking over Xiaomi which earlier launched Mi Credit, its digital lending platform in India.
Realme PaySa is described as India’s first full-stack financial services platform and is launched in partnership with Oppo’s fintech arm FinShell (mentioned in the logo). Realme PaySa is designed to extend loans to both individuals and SMEs (small or medium-scale business) in India.
The company also offers screen insurance (for new and old mobile phones in partnership with ICICI Lombard) and 3 free credit reports in partnership with CreditMantri working with Equifax, the company which was involved in widespread data leak in 2017.
When activated Realme PaySa will offer personal loans between Rs 8,000 and Rs 1 lakhs which can be paid in the period of up to five years with the option to repay it as soon as within 5 months. Businesses can take loans between Rs 50,000 and Rs 20 lakhs using the platform. Realme has partnered with EarlySalary and LendingKart as its loan providers.
It offers real-time chat feature that is supported by human (no Bots) staff only with whom you can talk in both English or Hinglish available for 7 days a week, 16 hours a day to understand your financial needs and help you easily secure loans.
The company has also announced that it will introduce more financial services like mutual funds, digital Gold, and SIPs (systematic investment plan), life and non-life insurance in the future and different mobile financing tools, mobile payment tools such as UPI/ PPI will be available soon.
Realme PaySa in beta and the app for Android is already available for users to try out and provide feedback, the live app for iOS will be available soon and will come pre-installed in future realme phones.