Oppo announced its entry into the financial service market with the Oppo Kash service. The company will be offering mutual funds service along with free credit reports and personal loans of up to Rs 2 Lakhs. The company is also offering business loans of Rs 2 crore and screen insurance.
Coming pre-installed in all Oppo smartphones, the brand has launched five services in the new beta release with Freedom systematic investment plan (SIP) being a unique offer. With the new Freedom SIP service, users can commence their mutual fund investment journey with very low sums of investment, starting at Rs 100.
Watch: Motorola RAZR First Look
“With OPPO Kash, we will provide end-to-end financial solutions, 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 Rs 50,000 crore,” said Sumit Walia, Vice President, OPPO.
In the next 18 months, Oppo aims to provide customers with six more service offerings under Oppo Kash. These include payments, lending, savings, insurance, financial education, and a financial well-being score. While the app will come pre-installed in Oppo smartphones, non-Oppo users can get it from the Google Play Store. Strangely, iPhone users can still not avail Oppo Kash facilities. However, the brand may consider rolling out the service for them later in the year.
Smartphone players like Realme and Xiaomi have also forayed into the financial services sector recently with their own services. Xiaomi started the Mi Credit-lending service along with the Mi Pay application. The service offered users elements like insurance and supply chain financing, which it already offers in China. The company even mentioned that India was the biggest market for Mi Credit after China. Realme also launched Realme Paysa recently for Indian customers. The application offers services to both customers and SMEs.