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Samsung to Announce its Digital Lending Platform in India

After filling their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Aiming to make it easy for consumers to buy Samsung Galaxy smartphones, the South Korean smartphone maker on Thursday launched its “made in India” digital lending platform called Samsung Finance+ in the country.

Samsung has partnered with New Delhi-headquartered DMI Finance to launch Samsung Finance+ in the country.

“Irrespective of the fact that a consumer has a history of credit or not, we will give an offer to him or her,” Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India, told IANS.

To begin with, the handset maker is launching Samsung Finance+ at 5,000 stores across 30 cities.

When asked about the expansion of the digital lending platform, Singh said: “We plan to reach up to 10,000 retail stores across 100 cities by the end of the year.”

Samsung Finance+ is currently available in Delhi, Mumbai, Jaipur, Chandigarh, Hydearabad and Surat, among other cities.

“It is not just the top cities. We’ve got a mix of all cities… In the second phase of expansion too, we will have a mix of cities,” Singh noted.

Samsung, Apple, Manufacturing, India
Apple and Samsung are very big players, they can change scenarios for private sector manufacturing. LifetimeStock

According to the company, almost all consumers applying for finance would get an offer on the Galaxy smartphone of their choice.

Samsung Finance+ was developed in India at the company’s R&D Institute India in Bengaluru.

“SRI-B engineers worked closely with SIEL from early 2018 in assessing market requirements, designing product features, running limited pilots to validate the concepts and building a data driven, scalable multi-sided lending platform which can meet the demands of a market like India,” noted Singh.

The platform is fully digital which means users will have a paperless journey with the in-store Samsung promoter assisting them customer through the entire process.

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“We are honoured to have worked closely with Samsung over the past 24 months to deliver the first true partnership in India between an OEM and a lender,” said Shivashish Chatterjee, Co-Founder, DMI Finance.

The customers need to log into the in-store Samsung Finance+ application on a Galaxy Tab.

After filling their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones. (IANS)

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India Becomes the Second Largest Smartphone Market After China: Report

India surpasses US to become 2nd largest smartphone market

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The Indian smartphone market surpassed the US for the first time on an annual level. Pixabay

New Delhi: Riding on Chinese brands, the India smartphone market surpassed the US for the first time on an annual level and this is the latest science and technology news, becoming the second-largest smartphone market after China globally — reaching 158 million shipments in the calender year 2019 with 7 per cent (YoY) growth, a report from Counterpoint Research said on Friday.

While Xiaomi continued to be the top player with 28 per cent market share in the calendar year 2019, Samsung was second with 21 per cent and Vivo at 16 per cent market share, said Counterpoint’s ‘Market Monitor’ service.

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India has now become the second-largest smartphone market after China globally. Pixabay

“Although the rate of growth for smartphone market hit single digit for the first time ever on an annual basis, India is underpenetrated relative to many other markets with 4G penetration in terms of subscribers being around 55 per cent,” said Tarun Pathak, Associate Director, Counterpoint.

“Chinese brands share hit a record 72 per cent for the year 2019 as compared to 60 per cent share a year ago.

“This year, we have seen all major Chinese players expanding their footprint in offline and online channels to gain market share. For instance, Xiaomi, realme, and OnePlus have increased their offline points of sale while brands like Vivo have expanded their online reach with Z and U series,” said Anshika Jain, Research Analyst at Counterpoint.

Over the past four years, Xiaomi, Vivo, and OnePlus have grown 15 times, 24 times and 18 per cent, respectively.

“This highlights that OEMs are mature enough to capture next wave of growth and expand their operations in India,” Jain added.

Smartphone
Although the rate of growth for smartphone market hit single digit for the first time ever on an annual basis, India is underpenetrated relative to many other markets with 4G penetration in terms of subscribers being around 55 per cent. Pixabay

Samsung shipments remained almost flat (YoY) while it has shown a 5 per cent (YoY) decline in 2019.

“This is for the first time Samsung transitioned to a completely new portfolio targeting different channels (offline with A series and online with M series). However, it needs to double down its efforts to keep the momentum going,” the report noted.

While the smartphone market registered YoY growth, the feature phone market witnessed a steep decline of nearly 42 per cent YoY in 2019 and 38 per cent (YoY) in Q4 2019.

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“This is due to slowdown in the new shipments from Reliance Jio. However, the players such as itel, Lava, Nokia and Micromax registered positive annual
growth despite the overall segment declined showing the untapped potential of the market,” said the report.

In fact, itel emerged as the number one feature phone brand in Q4 2019, followed by Samsung and Lava. (IANS)