Finance

Samsung sets up captive finance arm for smartphone sales

  • Samsung India senior VP (mobile business) Mohandeep Singh said that the company hopes to bring in more customers through the captive financing route
  • Currently, there are players such as Bajaj Finserv, Home Credit and IDFC Capital First in the small-retail finance business

(File photo) (File photo)

NEW DELHI: Korean electronics giant Samsung will be financing smartphone sales in India and has tied up with a local company DMI finance for the new venture.

Samsung India senior VP (mobile business) Mohandeep Singh said that financing in the mobile phones space is around 18-20% currently, and Samsung hopes to bring in more customers through the captive financing route.

“We will begin with 5,000 stores and 30 cities, and plan to more than double this by the end of this year.”

Currently, there are players such as Bajaj Finserv, Home Credit and IDFC Capital First in the small-retail finance business, though Singh said that there is a strong case for new and focused players.

“We intend to have zero-interest financing schemes, and this will be for the variety of our smartphone line-up. The criteria for financing will also be easier than followed by some of the other players,” he said, adding that the company is open to more partnerships on the financing front.

“Around 450 million adults in India don’t have a credit history and so finance options for them are minimal. The intention is to make it easier for customers to avail finance.”

[“source=timesofindia”]

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