- Users can start investing in SIPs with INR 100 with Kash financial services platform.
- It offers a wide range of services other than investing in SIPs.
OPPO the Chinese smartphone brand just decided to penetrate the Indian market after making a strong presence in the smartphone category. With OPPO’s Kash financial services, the company will soon taste the Indian financial sector.
What Is Kash Financial Services All About?
OPO just forayed into the Indian financial services sector with its new product Kash financial services. It will come pre-installed on all OPPO phones and also available in the Google Play Store.
Kash financial services are supported by Finshell – OPPO’s subsidiary which is in financial services as well. If you’re thinking that Kash is just about investing in SIPs and for low budgeted investors, you’re probably wrong here.
OPPO’s Kash is a dedicated financial services platform which offers a range of financial services like investing in mutual funds, free credit reports, personal loans up to INR 2lakh as well as business loans up to INR 2 crore along with screen insurance.
“With OPPO’s Kash financial services, we will provide end-to-end financial solutions available at the palms of our customers. Our aim is to have 10 million consumers in the next 5 years on the platform having used either our financial services worth INR 50,000 crores.” – Sumit Walia, Vice President OPPO.
OPPO’s financial services aim to have not less than 6 offerings in the next 18 months giving no room to its competitors to perceive Kash as “just another service”.
Long-term plans of Kash’s financial services are to increase its user base as well as to add as many financial services one can think of availing. From payments, lending, savings and insurance to financial education and financial well-being score (to name a few).
Who Can Probably Be Kash’s Competition?
The Indian financial sector is witnessing a change. It will face direct and indirect competition from new entrants as well as giants in the country.
More the number of financial services, the fiercer is the competition. Talking about (Just) the payments app then we have Google Pay, Phone Pay, UPI, BHIM and many more in the line. It will be extremely difficult for OPPO to overtake the existing giants in terms of payment apps.
OPPO isn’t the only Chinese smartphone market that is entering India’s lucrative financial segment. Even Xiaomi and Realme have already forayed the market with its Mi Pay app.
Future Plans for Kash Financial Services?
“It is the next 400 million internet users that we are targeting who are most likely to take the digital path for loans. And while we will be very happy to serve these customers, we are a smartphone company that is used by people in every age bracket. Therefore, our main purpose is how we can make a life of every customer easy in terms of financial services.” – Zafar Imam, Lead OPPO Kash financial services (Source)
It’s long term plans include a friendly approach towards SMEs and MSMEs. State Bank of India has funded Kash financial services well and with the funded amount Kash will definitely make sure that almost all the customers gain full advantage of the platform.
What is One Plus Point About Kash?
How many OPPO mobiles are purchased yearly? With every OPPO mobile purchased, Kash will have one more customer added to the platform automatically.
All that needs to be done for consumers is to just open the app and explore the various services Kash financial app is offering.
With this initiative, OPPO is said to take a deep dive not only in the world of consumers but also in the world of what India needs more than anything else.
The financial sector in India is said to be still unorganized and a lot more needs to be done by conglomerates to make this sector well enough to reap the returns.
On behalf of Next Big Brand, we wish all the best to OPPO. Showstopper thing can be the feature of letting people invest who are always low on budget every month.