Alongside the launch of the Realme X2 and the Realme Buds Air, Realme has also announced its new payments platform, Realme PaySa. The Realme PaySa is a full-stack financial services platform for Realme mobile phones, which aims to solve the financial needs of its users with four different solutions: Lending, Savings & Protection, Payments, and Financial Tools. Let’s dive in and look at each of these solutions.
With Realme PaySa, the company looks forward to helping individual customers and small-or-medium sized businesses financially. For starters, the platform will be offering instant digital Business loans of up to 5 lakh to small-or-medium sized businesses. Businesses can easily avail loans with minimum documents and can have a flexible repayment tenure from 12 to 60 months. On the other hand, individual customers can also enjoy the benefits of PaySa and avail Personal Loans of up to 1 lakh. The entire process will be completely digital, with users getting to avail loans with less paperwork and repayment tenure of 3 to 12 months.
Besides Business Loans and Personal Loans, the platform also offers a Screen Protection Insurance facility for customers with both old and new smartphones. Additionally, it also allows customers to view their credit score for free with Free Credit Report. Since credit score plays a crucial role in financial proceedings, with the free solution, customers can check their credit score for free up to three times within three months.
To ensure security and the privacy of user data, Realme says the PaySa platform incorporates the best IT standards for security and stores all the user data at its data centers in India. Furthermore, it also offers Transparent Permissions on the platform, using which users can choose to change the data permission with a few clicks.
Realme PaySa is currently in Beta testing. Interested customers can download the Realme PaySa from the Google PlayStore starting today. Apparently, this is not the first time a smartphone company is entering the financial space. A few months back, Xiaomi announced its Mi Credit lending service (and Mi Pay) to make its mark in the fin-tech space. Following which, at the OnePlus 7T launch in India, OnePlus also revealed its plans to get into the payments services next year. Samsung and Google are veterans in this field.