Oppo foray into financial services market of India with the Oppo Kash and brings money-saving and lending under the one roof
- Published | 03 March 2020
OPPO Kash has added credit, digital savings, and insurance on the platform
After enticing Realme and
Xiaomi, India’s burgeoning fintech sector has now further added one more
Chinese smartphone maker to-do list with OPPO. Oppo has officially forayed into
the financial services market of India. The Chinese major launched “Oppo Kash”
in India on Monday (2 March 2020), a financial service, which aims to hit into
its seemingly ‘vast’ smartphone user base, bringing the money lending and saving
under one roof in such a case, the Oppo Kash Android application. It also
provides the customer with a free credit score or financial report as well.
“Oppo Kash” is now widely
available across the beta and is requested to offer ‘end-to-end’ financial
solution with as many as five amenities filled inside the one application. The
five facilities in question being payments, savings, lending, insurance, and
the financial well-being score. In the next 18 months, Oppo also has plans to
bring financial education to the Oppo Kash.
Spokesperson of Oppo said
that (ICICI Prudential) freedom SIP is Oppo Kash’s ‘unique’ offer, which it
claims. It is the first smartphone brand to launch mutual funds in India.
Through it, subscribers can ‘create regular income’ by continuing invested from
a period of 8 years to 15 years. Oppo plans to cable more partners over the
duration of time.
As is familiar with such
financial services, Oppo Kash will also aid as a lending or credit platform for
both businesses and individuals. While individuals can avail of personal loans
up to Rs 2 lakh, SMEs/businesses will be able to avail loans up to the 20
Million digitally through the Oppo Kash application. Oppo has knotted up with
Lending Kart (for the digital business loans) and with Early Salary (for the
digital personal loans). In addition to offering credit and mutual funds, Oppo
Kash will also deliver free credit reports (for a one year) and screen damage
insurance for both the new and old Oppo smartphones.
Oppo is targeting to achieve
around 10 million consumers in the next five years on the Oppo Kash platform.
The application is now available for download and install for all of the Android
users from the Google Play Store, while all-new Oppo phones will come to have
it installed out-of-the-box.
Oppo is also publicizing
Oppo Kash’s privacy aspect, such as giving users control permissions within the
application and local data storage.
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