Realme Launches Financial Services Platform in India to Compete With Xiaomi

Realme Paysa launch in India (Source: Realme)

On December 18, Chinese phone-maker Realme announced its full-stack financial services platform called Realme PaySa in India. The move comes just after Xiaomi had launched its lending platform ‘Mi Credit’ in India earlier this month.

Promoted as India’s first full-stack financial services platform, Realme PaySa is designed to ease transactions for both individual users and small and medium-sized companies in the country. Realme has partnered with OPPO-owned fintech startup FinShell to enable a range of financial services through the Realme PaySa platform. An Android app of Realme PaySa has also been introduced with features such as a free credit report, screen insurance, and personal loans.

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With the credit report feature, you can get up to three free credit reports in three months, each provided in less than a minute. Realme has partnered with CreditMantri to offer this service. The platform also offers personal loans from 8,000 ($115) to 1 million Indian rupees ($14,000) which require limited paperwork. You have the option to repay the amount in three to 12 months.

Realme says that in 2020, the Realme PaySa platform is aimed at disbursing loans of 10 billion Indian rupees ($140 million) and acquire three to five million new customers. The company also aims to expand its footprint in the financial services sector with the expansion of this new platform in the future.