Financial inclusion in India has been made possible through Samsung’s digital lending platform
According to JB Park, President and CEO of Samsung Southwest Asia, the ‘Make in India’ digital lending platform, Samsung Finance+, has played a crucial role in enabling millions of Indian consumers to afford their favorite smartphones and participate in the country’s digital transformation. Launched in 2019, Samsung Finance+ has driven smartphone business worth over $1 billion by the end of 2022.
Park’s vision for India was to democratize technology and make it more affordable for consumers. It has offered several affordability options, allowing customers to get 5G smartphones for just Rs 44 per day or Rs 1,320 per month. The company aims to conduct about 75% of its smartphone business through 5G devices this year, after leading the Indian market in 5G smartphone shipments last year.
Finance+ was introduced as the world’s first digital lending platform with instant offers for Galaxy smartphone buyers. Developed in India at the R&D Institute Bangalore, the platform allows consumers with no credit history to obtain loans for purchasing Galaxy smartphones. In its fifth year, Finance+ has expanded to 70,000 stores, significantly contributing to the smartphone business.
JB Park also expressed amazement at India’s rapid digital transformation through smartphones over the years. It’s’Galaxy Unpacked’ event is scheduled for July 26, during which the company will unveil new foldables and other devices.
