Realme Planning to Launch UPI Payments Service in 2020

  • Realme has already introduced Paysa app, a full-stack financial services platform, in India
  • The brand is in talks with one of the leading banks to develop customised offerings solutions for consumers in India
Madhav Sheth, Realme Office (Source – Twitter)

Realme PaySa had recently collaborated with National Payments Corporation of India (NPCI) and HDFC for a UPI Hackathon. These lending organisations, as per the brand will judge the most promising UPI solution in a finale to be held in Mumbai on 11 May 2020. Recent developments point out that the China-based brand might launch UPI payment services in India before the end of this year.

Interestingly, the brand has already launched Realme PaySa App in the country. “We will now take the experience of Realme customers to the next level. Presenting the all new Realme PaySa app, India’s first full stack financial services platform on your favourite mobile phone,” Madhav Sheth, CEO, Realme Mobiles, had tweeted at the launch of app.

It is to be noted here that Unified Payments Interface (UPI) is a payment system developed by NPCI. Realme, as mentioned earlier, has partnered with NPCI for a UPI Hackathon. The Indian smartphone market is expected to grow to over 160 million units in 2020. With this increase, the number of people making UPI payments through smartphones might also witness a sharp rise.

Going beyond the hardware game

Many brands, including the likes of Xiaomi, Samsung, Realme, LG, Oppo, Vivo and Oneplus are going beyond the conventional hardware and software game to give consumers more out of the devices these retail in India and many other markets. Xiaomi and Samsung have already announced financial services apps in the country.

These brands might be banking upon their existing user base in the country. Realme, as per several reports, shipped more than 16. 2 million smartphones in 2019. This figures, for 2018, stood at above four million for the brand. Pre-loading UPI apps or integrating Realme PaySa with UPI interface might be the next step for Realme.

Realme’s PaySa platform disburses small-ticket digital loans to individuals and SMEs in India’s Tier II, III, and IV cities. Personal loans can range anywhere between Rs 8,000 and Rs 100,000 while SME loans can go up to Rs 500,000. Larger loan requirements would also be serviced in-person by realme PaySa teams in different cities across India soon. UPI payments, as per NPCI data, amounted for transactions worth more than Rs 2,22,516 crore during February 2020.