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Realme PaySa microloan app debuts in India take on Xiaomi's Mi Credit app

(Image credit: Realme India)

Realme has been having a dream start in India, having sold over 15 million smartphones in a year. It’s now prepping to set its feet in the financial services sector in India, with Realme PaySa.

Today’s Realme X2 launch event also saw the unveiling of the Realme Buds Air, as the company’s first truly wireless earbuds. In a move that no one saw coming, Realme PaySa was also announced as a new, easy-to-use, all-in-one payment and lending platform. The first beta became available today, and the full version is expected some 6-12 months later.

Its current offerings span across lending, savings and protection, payments and other financial tools that are meant for financial well-being of Indians. Digital personal loans ranging from Rs 8,000 to 1,00,000, and digital SME loans up to Rs 5,00,000 can be availed from the app in minutes with minimal paperwork. Larger loans are possible, but those will need approvals from the Realme PaySa teams. 

Users can also generate their credit report on the app to know their credit scores and loan potentials. This can be done thrice for free. Credit Mantri is the fintech partner enabling this. Old and new smartphones can also be insured on Realme PaySa against accidents such as damaged/broken screens. Mobile phone financing and payments are also on the cards for 2020.

All the data from Realme PaySa will be stored locally in India in an encrypted format. In a first for any financial institution, the app permissions can be controlled in a granular way, allowing you to know what personal data is being shared. To make the service more user-friendly, the app will include human customer support in English as well as Hindi, which can be accessed 7 days a week. 

Varun Sridhar, who will be leading the new Realme PaySa department, added “We aim to acquire 25mn customers in the next 2 years by making mainstream financial products accessible to consumers in emerging India. We plan to win by bringing innovation in our OS & hardware to simplify access, co-develop products with partners and develop products that are easy to use. We also understand earning customers trust is key in the long run. We attach utmost importance to data privacy and customer security.”