There is good news for Samsung smartphone lovers, as the company has made it easier for its low budget customers to buy expensive smartphones. Now you too can feel free to buy your favorite Samsung phone despite the low budget. We are saying this because Samsung is expanding a consumer credit program launched in India three years ago with the aim of boosting mobile sales in the world’s second largest smartphone market.
The company’s finance + credit service is very special.
The South Korean tech giant is reporting sales of around Rs 500 crore ($65.8 million) a month through its Samsung Finance+ credit service, which allows buyers to pay for smartphones in installments. . According to Raju Pullan, Samsung’s head of mobile business in India, the company’s sales through that channel are likely to double this year. The financing plan generated around Rs 3000 crore in 2021 sales.
Now the facility will be available at 1.80 lakh stores in India
Pullan said the service has proven to be popular with price-sensitive consumers, and Samsung, which sells devices online and is looking to expand the availability of its credit plan through a network of 180,000 stores nationwide. It is currently offered in 50,000 retail outlets covering smaller towns and rural markets as well as larger cities. The company is now processing an average of 300,000 loan applications every month. Potential customers need to pass identification and creditworthiness to check their qualifications.
Samsung, once a top-ranked player in India’s crowded smartphone market, has overtaken Chinese rivals such as Xiaomi and BBK Electronics-owned Realme, thanks to their lower prices, bigger batteries and more powerful cameras. . Its mobile business revenue, which accounts for nearly 70% of its total sales in India, stood at over Rs 550 billion at the end of March 2021, according to regulatory filings.
The company is planning to launch five new A-series smartphones this year, three of which will include 5G wireless connectivity, a priority for the South Korean electronics maker. According to its local mobile chief, it will focus on the Rs 20,000-45,000 segment of the market.
“We are seeing very strong growth in the overall 5G segment in India and this will be our main focus,” said Pullan. “India is one of the biggest 5G players for us.”
(photo credit- provell-tech)