Realme enters financial services space; aiming to sell 30 million phones next year

NEW DELHI: Chinese handset maker Realme is taking a leaf out of its arch-rival Xiaomi’s playbook by entering into financial services space with the launch of the Realme Paysa service, which will offer lending, savings, protection and payment services in the country.

“2020 is not going to be about mobile phones for us. We are going into IoT and enabler services besides offering smartphones,” Realme India chief executive Madhav Sheth told ET.

“We are considering multiple opportunities for mobile payments, we see the exciting growth of UPI adoption in India. We have launched the beta version of the platform with 4 products and expect to have our payment product launched sometime next year after internal evaluation and relevant regulatory approvals,” Sheth said.