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.