Chinese language smartphone producer OPPO is the most recent to hitch India's fintech bandwagon, after friends Xiaomi and Realme (earlier a sub-brand of OPPO).
The corporate has launched OPPO Kash, a made-for-India monetary companies platform that gives small-ticket loans, mutual fund investments, display insurance coverage, and free credit score experiences to customers.
Whereas comparisons between OPPO Kash and Realme PaySa are inevitable, given the resemblance between the 2 apps, OPPO claims to be the primary smartphone model to supply mutual fund SIPs – a product it has co-created with ICICI Prudential AMC.
"With Freedom SIP, customers can start their mutual fund investments journey with as little as Rs 100 value of funding and change into future-ready," OPPO said.
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OPPO Kash is offered in beta on Google Play Retailer. The app can have a full-fledged rollout in six months. It is going to be pre-installed in all OPPO handsets, along with being obtainable throughout app shops for non-OPPO customers.
Zafar Imam, Lead, OPPO Kash, stated on the launch,
“All monetary wants needs to be fulfilled when a person has an OPPO cellphone throughout the few clicks and with a easy, mobile-first expertise. We’re the primary smartphone model in India to launch mutual funds, and can proceed to innovate throughout our six product traces. We’re providing our companies with one of the best companions within the business, and sit up for enabling 10 million desires.”
Moreover ICICI Prudential, OPPO's different ecosystem companions embrace EarlySalary, which distribute private loans as much as Rs 2 lakh and enterprise loans as much as Rs 2 crore. It is going to additionally assist generate immediate free credit score experiences for OPPO Kash customers.
For its display insurance coverage product, OPPO has tied up with ICICI Lombard, which by the way has partnered with Realme PaySa too.
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OPPO plans to have six choices on the Kash app within the subsequent 18 months – funds, lending, financial savings, insurance coverage, monetary training, and a monetary well-being rating.
Sumit Walia, VP – Product and Advertising at OPPO shared,
"With OPPO Kash, we’ll make end-to-end monetary options obtainable within the palms of our shoppers. Our goal is to have 10 million shoppers within the subsequent 5 years on the platform, having used both of our monetary companies value Rs 50,000 crore.”
To scale up rapidly, OPPO plans to undertake a 'phygital' acquisition mannequin, leveraging the on-ground smartphone distribution networks it has already inbuilt India.
The pilot will run in choose shops in choose Tier I, II, and II cities for the primary six months, after which the corporate plans a pan-India rollout.
(Edited by Teja Lele Desai)