Samsung India launches digital lending platform to boost smartphone sale

Electronics major Samsung on Thursday launched ‘Samsung Finance+’, a digital lending platform that will offer consumers finance options to buy its Galaxy smartphones.

The move assumes significance ahead of the festive season, where handset makers are lining up a slew of devices to woo customers.

Samsung Finance+, which will connect financial institutions and dealers, will be available at over 5,000 stores in 30 cities across the country. This will be extended to 10,000 outlets in 100 cities by the end of 2019.

“In the western world, 80 per cent of phones are financed, including cases where data, calling and phone are bundled and offered for a monthly payment. In India, about 15-18 per cent phones have any kind of financing,” Samsung India Senior Vice President (Mobile Business) Mohandeep Singh told PTI.