Realme PaySa Teased to get UPI based payment support ‘soon’
Realme seems to have partnered with HDFC Bank to enable a new experience on the Realme PaySa app.
Realme PaySa, a financial services platform developed by Realme, has been waged to receive Integrated Payment Interface (UPI) payment support. Madhav Sheth, CEO of Realme India, tweeted an image to reveal internal testing of UPI payment transfer on the Realme PaySa app. The upcoming addition seems to be the first time in the coming days to make the Realme Pesa app a stronger competitor than Google Pay, Paytm, and Xiaomi’s Mi Pay. The app was launched last December to offer Microlones between Rs. 8,000 and Rs. 1 lakh to individuals.
The image posted by Madhav Sheth shows a UPI-based transaction through Realme PaySa. It is also revealed that Realme has partnered with HDFC Bank to enable the new experience.
Although there is no word on the rollout of the new feature, Sheth mentioned that UPI-based paid support is currently in the testing phase and will come “soon” for end-users.
Everything about payment under one roof
Guys, happy to share that our internal test of 1st UPI payment transfer via @realme_PaySa App was successful! We will bring it for you guys soon. #JebMeinPaySaTohTensionKaisa pic.twitter.com/RRAqwVlRF9
— Madhav @home (@MadhavSheth1) April 28, 2020
The Realm PaySa app was launched with the objective of making transactions easier for both individual users and small and medium enterprises (SMEs) in India. Supported by Fintech startup Fishell, owned by Oppo, the app offers loan services, screen insurance, and personal loans. It also provides credit reports through CreditMantri. All these features are making the Realme PaySa app an attractive option against Xiaomi’s Mi Credit.
However, Realme is getting ready to go beyond credit with its PaySa app and wants to attract the public by enabling UPI-based payments. The experience will be in line with Google Pay, Paytm, and Mi Pay, all of which support UPI payments through their platforms.
At the time of its launch, Sheth mentioned that Realme PaySa will also provide financial services in Tier-IV and Tier-V cities in the country. The executive also pointed out that the app had to pay Rs. 1,000 crore and the acquisition of three to five million new users in 2020.