India is one of Samsung’s most lucrative smartphone markets. In the face of relentless competition, Samsung wants to make it easier for customers in this price-sensitive market to buy a Galaxy device.
Almost three years ago, the company launched its Samsung Finance+ EMI initiative in the country. Samsung Finance+ is a digital lending platform that provides customers with financing for phones. The company is now expanding the initiative to further boost sales in India.
Samsung Finance+ device installment plans being expanded across India
Smartphone finance options are quite limited for the over 450 million adults in India that don’t have a credit history. Samsung launched this platform to make it possible for them to get financing for the device they wish to purchase.
Customers can buy any Samsung device on the Samsung Finance+ EMI plan, even flagships like the Galaxy Z series. The application process is paperless and approvals are usually granted within minutes. This lending initiative is working very well for the company. Samsung expects this pace to continue, so much so that it predicts that device sales through this channel will double in 2022.
The head of Samsung’s mobile business in India Raju Pullan tells Bloomberg that Samsung Finance+ is bringing in sales of 5 billion rupees or almost $67 million every month. For 2021, the financing plan generated around 30 billion rupees or almost $400 million in sales.
The Samsung Finance+ EMI plan is offered in 50,000 retail outlets currently across both big cities and rural markets. Samsung now processes 300,000 loan applications for device financing every month.
Samsung is going to further expand this lending initiative to more markets across the country in order to improve its sales. This is one of the ways Samsung intends to regain its position at the top of the Indian smartphone market.
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