realme, known for its smartphones and accessories, today launched its first full stack financial service platform via its realme PaySa app to take on Mi Credit. The service comes with 4 highlight products namely Free credit report, Personal loans, screen insurance for mobiles and business loans.
realme PaySa will offer 4 main solutions which are lending, savings & protections, payments and tools. Lending will involve personal and business loans. Savings and protections solutions will entail mutual funds, digital gold, SIP, life and non life insurance. The third solution, payments is realme’s entry into payment solutions where they are exploring services like UPI, etc. The last solution, tools will include products like free credit report, tax and budgeting tools.
The Beta launch of #realmePaySa will feature 4 key products:
-Free Credit Report
Download your app from the Play Store or realme Store. pic.twitter.com/hSDGY0cGVm
— realme (@realmemobiles) December 17, 2019
- The free credit report is available for everyone which will take less than a minute and can be availed for 3 times over 3 months. The report will be generated in partnership with a company called CreditMantri.
- Personal loans will range from 8000 to 10 lakh rupees with up to 1 lakh rupees for instant loans. In partnership with EarlySalary, these loans offer flexible repayment ranging from 3 to 12 months.
- Business loans, on the other hand, are designed for micro to small business, offering loans amounts ranging from Rs 50000 to 50 lakh rupees with up to Rs 5 lakhs for instant loans. Flexible tenures are offered from 12 to 60 months and this service is partnership with LendingKart.
- The fourth and last service offered is Screen insurance which does exactly what it says, provide insurance for your smartphones screen. In partnership with ICICI Lombard, users can avail up to 2 claims per year to protect their realme mobile.
Along with all of these announcements, realme also assured that will store all of this data only in India, follow the highest IT security standards and will be completely transparent when asking for permissions from the user. realme also promises excellent customer service, complete with a human chat service that will be available for 7 days a week 16 hours.
Users can check out the realme PaySa Beta app today at the Google Play Store and realme stated that they will preload the app into future realme phones once the app comes out of beta.