Oppo ‘Kash’ to reportedly launch soon, set to take on Realme Paysa, Xiaomi Mi Credit

Oppo is reportedly planning to launch a Realme Paysa-like Kash financial service in India.

Oppo to launch Realme Paysa, Xiaomi Mi Credit rival (HT Photo)

Oppo is reportedly planning to enter India's digital lending space with a new platform called 'Kash'. Oppo will be third major smartphone brand in India after Xiaomi and Realme to offer such service to their users.

According to a 91Mobiles report, Oppo's Kash service is being developed FinShell, which has also partnered with Realme for a similar Realme Paysa platform. The service is said to launch in the first half of 2020.

The website says the Oppo Kash platform will help facilitate faster micro loans and will give customers options for flexible repayment options. Oppo's Kash will also allow users to purchase phones on EMIs from the application. The report further states Oppo Kash will have the UPI support as well.

Oppo's Kash will join Realme Paysa and Xiaomi Mi Credit to offer micro finance to their users. Realme Paysa and Mi Credit are quite similar as they provide free credit report, personal and business loans, and more. Both the platforms bundle more benefits such as screen insurance and flexible repayments.

For instance, Xiaomi Mi Credit users can choose the amount and tenure of the loan. "… if the loan amount is ₹20,000, interest charged is 16.2% per annum and the loan is to be repaid over 6 EMIs, then the overall interest payable would be ₹937 and the EMI per month would be ₹3423," said Xiaomi.

Realme highlights security as one of its top features of Realme Paysa. "We have taken reasonable and feasible technical security and organizational measures to protect the information collected for the service(s). We strive to adopt security measures that are in line with industry standards to protect your personal information you provide and to prevent unauthorized access, public disclosure, use, modification, damage or loss of the data…," said the company.