Fintech opportunities in India are big and many want a pie of the fledgling sector. Besides startups focusing on different problems of the financial sector, phone makers also see merit in offering digital payments and distributing financial products.
After Xiaomi and Realme, the other Chinese smartphone maker Oppo has now made its debut in the fintech space with Oppo Kash. According to Oppo, Kash will be available on Android and iOS and enable users to purchase mutual funds, insurance and access loans.
The app will come with UPI integration and one can also buy smartphones and other products on EMIs. The company has partnered banks and accredited third party lenders for providing loans.
Going forward, all the upcoming models of Oppo will have the app pre-installed. Entrackr tried to find the Oppo Kash app on Android and iOS but couldn’t.
Recently, Oppo’s parent BBK Electronics’ other smartphone brand Realme had launched its fintech app Realme PaySa. BBK Electronics owns Realme, Oppo, Vivo and OnePlus.
Smartphone brand Xiaomi is in the consumer payment space in India with Mi Pay. It lets users transfer funds, execute payments for several use cases including bill/recharge, water, and electricity bill using the UPI framework.
While Oppo has entered the payments and financial products distribution segments, experts believe that there is very little chance for the company to make a dent in the fintech space that requires a different skillset than manufacturing smartphones.
Kash could be used for selling Oppo phones and insurance. However, the company already has a strong online distribution channel through marketplaces. We aren’t sure how Kash would help the smartphone brand in its core business.
