Samsung Starts Smartphone Finance Services in India

  • A lot of smartphone retailers use financing services from the likes of Bajaj Finserv, Capital First and HDB Finance
  • Samsung has partnered with DMI Finance to launch Samsung Finance+ in India

Samsung has announced the launch of Samsung Finance+ in India. The company said that the move has been taken to make Samsung Galaxy smartphones buying easy and simple for consumers. Samsung is launching Samsung Finance+ at over 5,000 stores in 30 cities across the country. Samsung plans to reach to 10,000 outlets in 100 cities by the end of 2019.

(File Photo) Asim Warsi, Senior Vice President, Mobile Business, Samsung India, with Manish Tiwary, Vice President – Category Management, Amazon India.

Company’s official statement read, “Finance+ is a unique and universally accessible digital lending platform that provides financing opportunity to prospective consumers for purchase of Galaxy smartphones in India.”

“At Samsung, consumers are at the heart of everything we do. Samsung Finance+ is a testimony of our consumer-centric innovation. It is also a ‘Make for India’ initiative towards financial inclusion and Digital India. We are confident that Samsung Finance+ will touch the lives of millions of consumers in India,” said Mohandeep Singh, SVP, Mobile Business, Samsung India.

Smartphone purchases through finance route increasing

EFY Group recently spoke to retailers from Delhi and NCR and found out that the number of conusmers opting for buying smartphones through the financing route are on a increase in India. Tushar Communications, a consumer electronics showroom situated in a tier-II market in Delhi NCR (national capital region), is actually taking on the online sales channel with the help of finace firms.

Rajan Rathore (RR), partner, Tushar Communications, Faridabad, Haryana, feels that tying up with finance firms like Bajaj, Home Credit and HDB has helped his showroom increase the number of products its sells every month.

Ganpati Electronics’ owner Pradeep Taneja, recently told EFy Group “We are doing around 60 to 70 per cent of our total sales business through equated monthly installments (EMIs), in which we have options like Bajaj Finance, HDFC and off-course there are credit cards.”

Samsung Finance+ is paperless

Consumers, as per Samsung, can go through a paperless journey with the in store Samsung promoter assisting the customer through the process. The company said that nearly all consumers applying for finance end up getting an offer on the Galaxy smartphone of their choice.

Samsung’s official statement read, “Samsung Finance+ was developed in India at the Samsung R&D Institute India-Bangalore. SRI-B engineers worked closely with SIEL from early 2018 in assessing market requirements, designing product features, running limited pilots to validate the concepts and building a data driven, scalable multi-sided lending platform which can meet the demands of a market like India. The entire engineering design and development of this platform is done out of SRI Bangalore.”

“We are honoured to have worked closely with Samsung over the past 24 months to deliver the first true partnership in India between an OEM and a lender. We have been able to marry Samsung’s world-class product and customer experience with DMI’s credit platform and technology stack to deliver to the client a seamless and intuitive experience which has the potential to transform the market for smartphones in India,” said Shivashish Chatterjee, co-founder, DMI Finance.