OPPO has ventured into digital payments and financial services in India. This makes OPPO another Chinese firm entering into this segment, after contenders like Xiaomi India and Realme in the country. At a launch event in Delhi, where the company had unveiled its latest Reno series smartphone – the Reno 3 Pro (the first smartphone to feature a 44MP Selfie Camera), it had also launched this new financial services named – OPPO Kash.
OPPO India’s new innovation is set to redefine financial experiences in the country! Say hello to #OPPOKash, the very first financial service by a smartphone brand. pic.twitter.com/gOFhJ9tpRX
— OPPO India (@oppomobileindia) March 2, 2020
The company is set to enter into this segment in the next 18 months by offering services including — Financial Education, Digital Payments, Insurance, Savings and also Lending, similar to the competition like services offered in Mi Pay and Realme PaySa, for that matter. Reports also suggest that there would be a financial well-being score with these services as well, which happens to be the first one to offer in this country.
During the launch event, Sumit Walia, OPPO India’s VP, Product & Market had indicated that the company’s aim in the country is to achieve 10 million users in the upcoming five years. He had also stated their goal is to have Assets Under Management of Rs 50,000 crore. He had further mentioned that OPPO is also the first smartphone brand in the country to offer mutual funds as well. OPPO Kash is also said to be partnered with around 20 asset management companies in India who would come up with multiple schemes for the investors.
OPPO Kash would also offer customer security along with their data privacy, according to Sumit. The current services offered via an app that is said to be in beta, for now, will include – SIP (Systematic Investment Plan), Mutual Funds, Personal loans, Business loans, and also your phone’s Screen Insurance as well. He had further suggested that the OPPO Kash beta app will be available for download in Google Play Store and OPPO App Store and the upcoming OPPO phones are said to be shipping with OPPO Kash app by default. iOS App Store availabilty is yet to be confirmed.
Also, OPPO Kash users will be able to get free credit reports, alongside personal loans and business loans of up to Rs 2 lakhs for the former and Rs 2 crore for the latter. By far and large, it would be interesting to see how well does the new OPPO Kash deliver along with the competitive services out there in India.
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