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Samsung to offer secure funding to help stimulate India’s smart phone sales

MUMBAI (Reuters) – Samsung Electronics is to be awarded to a potential new smartphone buyers, a company executive said on Thursday, in an effort to boost smartphone sales in India, where it faces fierce competition from rivals such as the chinese Xiaomi.

FILE PHOTO: A customer is praying inside of a Samsung showroom in Delhi, New Delhi, India, on July 27, 2018. REUTERS/Adnan Abidi/File Photo

The financing of the product and for which Samsung has tied up with one of the local shadow banking business, with the help of the South Korean technology group, to provide a quick and easy way to loans, in all of the new features to customers, Mohandeep Singh, Samsung India’s vice-president for mobile business, told Reuters in a telephone interview.

“We are giving finance to the consumer which has not been served, the consumer of finance in the past,” Singh said. He said that the company would be launching the product in 5,000 stores in 30 cities, and at the end of the year to be in 10,000 stores in 100 cities and towns.

In contrast to Western markets, where smartphones are often tied to a telecom company’s customer contracts, the majority of the phones in India are sold through retailers, with customers opting for the wireless carriers and the mobile plans of their own.

With more than a billion wireless connections, and only have about 450 million smartphones, India is an important growth market for companies such as Motorola, which sells its devices in over 180,000 retail outlets and more than 2,000 world-class shopping.

The other smart phone players to offer similar schemes in tie-up with the finance of the enterprises, but Samsung has its own loan product is likely to assist in order to boost sales.

Amazon.com pages India, business, and home-grown rival Flipkart offer term plans in the areas of debt collection, and to the use of credit cards, but in India, millions still do not have access to plastic money.

Samsung will first offer an interest-free loan to the customers through the smartphone range of products, Singh said, adding that the funding terms and conditions, such as interest rates, may vary in the future.

Samsung, once the leader in the indian smartphone market, is facing fierce competition from rivals such as the chinese Xiaomi, Oppo and Vivo, which have been launched in low-cost devices with competitive specs and is used in all of the glitz of Bollywood and cricket will have to sell it.

Seoul, korea-the headquarters of Samsung, Samsung has responded with the launch of budget devices, and are savvier with online marketing-to-millennials-to claw back lost market share.

Reporting by Sankalp Phartiyal; Additional reporting by Nupur Anand; Editing by Jane Merriman

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