Samsung Pay expands its range of financial services in India

Samsung Pay is partnering with Paisabazaar.com, a financial products market based in India, to allow Samsung Pay users to apply for credit cards and personal loans through the platform, according to a Press release. The offer includes Paisabazaar's "Chance of Approval" feature, which uses algorithms to recommend the best lender to the consumer and increase the chances of its application being approved.

Here is what it means: Samsung is increasing the value of its portfolio to better leverage its position as India's leading mobile service provider.

• Allowing users to apply for credit cards and personal loans makes the mobile wallet more useful and can lead users to rely more on their financial needs. Indian consumers may be more inclined to adopt Samsung Pay if it offers more features, and credit cards and personal loans should be particularly appealing, as they have seen increasing use in India. Offering more financial products via Samsung Pay could also increase portfolio usage by giving consumers more capacity to spend and could make Samsung Pay a hub for their financial needs.
• The introduction of new adoption and usability features could enable Samsung Pay to establish a leading position in India thanks to the popularity of Samsung phones in the country. Samsung holds the second largest share (23%) of smartphone sales in India in the first quarter of 2019, giving Samsung Pay a significant addressable base. And adding features such as these new offers with Paisabazaar can help it take advantage of this opportunity.

The largest image: These efforts are critical to the success of Samsung Pay, which faces a highly competitive payments market in India.

The country's digital payments sector is expected to reach $ 1 trillion in 2023 and several players have stepped up their efforts to position themselves to succeed in the market. Market leading provider Paytm has introduced its first exclusive credit card, indicating that other suppliers are also interested in credit and credit.

And the company also has other competitors: PhonePe, which has been the payment arm of Flipkart, is on the verge of becoming its own entity and will seek to raise a billion dollars for a valuation up to $ 10 billion. To stand out in an increasingly crowded market where vendors are quickly adding new features, Samsung must continue to add value to Samsung Pay, otherwise it could ruin the benefits of the market's popularity. the brand.

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