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Samsung India Rolls Out Samsung Finance+, A Digital Lending Platform

Samsung launched Samsung Finance+, making it easy and simple for consumers to buy Samsung Galaxy smartphones. Samsung Finance+ is a unique and universally accessible digital lending platform that provides financing opportunity to prospective consumers for purchase of Galaxy smartphones in India.

The key features of Samsung Finance+ are:

  1. Fully Digital: Consumers go through a paperless journey with the in store Samsung promoter assisting the customer through the process
  2. Customized offer for everyone: Nearly all consumers applying for finance end up getting an offer on the Galaxy smartphone of their choice
  • Universally Accessible: Wide reach in India through Samsung’s strong retail presence in India

To start with, Samsung is launching Samsung Finance+ at over 5,000 stores in 30 cities across the country. Samsung plans to reach to 10,000 outlets in 100 cities by the end of 2019.

“At Samsung, consumers are at the heart of everything we do. Samsung Finance+ is a testimony of our consumer-centric innovation. It is also a ‘Make for India’ initiative towards financial inclusion and Digital India. We are confident that Samsung Finance+ will touch the lives of millions of consumers in India,” said Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India.

Samsung Finance+: Consumer Journey

Consumers buying a Galaxy smartphone at any one of the 5,000 stores equipped with Samsung Finance+ platform can opt for easy finance on their smartphones. All they have to do is to log into the in-store Samsung Finance+ application on a Galaxy Tab. After filling is their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones. The entire journey is fully digital, fast and convenient.

Samsung Finance+: Make in India

Samsung Finance+ was developed in India at the Samsung R&D Institute India-Bangalore. 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.  The entire engineering design and development of this platform is done out of SRI Bangalore.

Samsung has partnered with DMI Finance to launch Samsung Finance+ in India. DMI Finance is a pioneer in the use of technology for transmission of credit to the end customer.

“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. We have been able to marry Samsung’s world-class product and customer experience with DMI’s credit platform and technology stack to deliver to the client a seamless and intuitive experience which has the potential to transform the market for smartphones in India,” said Shivashish Chatterjee, Co-Founder, DMI Finance.

About Rajeev Ranjan

Rajeev has witnessed the growth of technology across all verticals since he started his career in journalism. With a vast experience of almost 11 years in the technology market in India, he has worked closely with the industry leaders and has been part of this revolution in IT & communication market in India. He started his career as an entrepreneur in 2009 in the technology world. Currently, he is Director of News Dot Media Pvt. Ltd., Chief Editor for Digital Terminal (Magazine & Online) & Telecomtoday.in  

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