Oppo Kash financial services launches in India, targets 10mn customers in 5 years
Oppo joins Xiaomi and Realme in India's fintech space.
March 02, 2020 / 08:15 PM IST
Oppo recently took the lid off the Reno3 Pro in India. And, while the Reno3 Pro grabbed all the headlines, the smartphone maker looks like it is on a mission to build a strong ecosystem of products and services in the country with the Oppo Enco Free and Enco W31 wireless headphones and Oppo Kash.
Oppo Kash marks the brand's foray into the growing world of financial services. Oppo Kash is being touted as a one-stop solution for the ever increasing needs of India's new-age customers. Oppo Kash will be pre-installed on all Oppo smartphones and will also be available for download on the Google Play Store. Oppo Kash will allow users to invest in mutual funds along with providing free credit reports, business loans up to Rs 2 crore, personal loans up to two lakh and screen insurance.
Commenting on the launch, Sumit Walia, VP of Product & Marketing at OPPO, said; "With OPPO Kash, we will provide end-to-end financial solution, available at the palms of our consumers. Our aim is to have 10 million consumers in the next 5 years on the platform having used either of our financial services worth INR 50,000 crore".
Oppo Kash has launched in beta with Freedom systematic investment plan (SIP) as a unique offering. With Freedom SIP, users can make mutual fund investments as low as Rs 100. With Oppo Kash, the company aims to have six offerings in the next 18 months, including lending, payments, insurance, savings, financial education and a financial wellbeing score, which will be available for the first time in India.
The pilot will run in select stores in some Tier 1, 2, 3 cities for six months before a global rollout. Oppo is not the only smartphone maker that has forayed into the financial services sector in India. In the past, Xiaomi
and Realme have also introduced financial services in the country.