Smartphone makers Realme and Xiaomi will compete in the financial services market too
Realmeannounced its entry into financial services with Realme Payसा.
- It comes days after
Xiaomilaunched its credit lending platform Mi Credit.
- In the smartphone segment, Xiaomi holds a 27.1% market share, whereas Realme has a 14.3% share in the Indian market.
Indian smartphone maker Realme announced its entry into financial services with Realme Payसा. It hopes to acquire 25 million users in the next two years.
Its entry into financial services comes days after Xiaomi launched its credit lending platform Mi Credit.
“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 2-3 years. We are evaluating the launch of mobile phone financing and payments in 2020,” said Madhav Sheth, CEO- realme India.
Both Xiaomi and Realme are competing in the Indian affordable smartphones category and now they will continue it their fight in the financial services segment too as well. According to reports, Xiaomi holds a 27.1% market share in smartphones, whereas Realme has a 14.3% share in the Indian market.
Realme’s offering is similar to that of Xiaomi. realme Payसा beta app offers digital personal loans upto ₹1 lakh and digital SME loans upto ₹5 lakh. Mi Credit too offers personal loans upto ₹1 lakh, after one registers on the platform with relevant details.
In China, Xiaomi has already disbursed ₹1 lakh crore in loans since its launch in 2015 and for all of its financial services – payment, credit, wealth and insurance, it has a user base of 45 million.
While Xiaomi has partnered with Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya, Realme has associated with Early Salary, Lending Kart and Credit Mantri.
AdvertisementXiaomi’s Mi Credit promises to give you a loan by the time you order and finish a cup of coffee
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