Samsung has reached an agreement with an online marketplace for financial products in India that will allow consumers to apply for credit cards and loans through the Samsung Pay app.
In a deal Samsung signed with Paisabazaar.com, India’s largest online marketplace for financial products, predictive algorithms will connect customers with the lenders most likely to say yes, FinExtra reported.
“Our partnership with Paisabazaar.com has helped us create a holistic platform that gives them the comfort of opting for various financial products besides using it as a payment platform,” said Sanjay Razdan, senior director of Services Management for Samsung India.
Paisabazaar introduced its “Chance of Approval” predictive algorithm at the end of 2018 with the goal of increasing the acceptance rate for applications. The algorithm takes into account the user’s profile details, including income and credit score. It then tries to present credit card and loan offers that are more likely to be approved, according to a report.
“Samsung Pay is the leading payment platform that offers a unique and unmatched experience to its customers,” Naveen Kukreja, CEO of Paisabazaar, said in a statement. “Paisabazaar’s integration with Samsung Pay is a natural fit as it will provide users with a platform that is equipped to give them a variety of quick financial solutions.”
Kukreja said the feature will help customers get quicker approvals and disbursals.
By giving consumers greater ability to spend and offering more financial products, Samsung Pay could become a hub for Indian consumers’ financial needs and an overall increase in wallet usage.
Paisabazaar will not be integrated with Samsung Pay outside of India.
Samsung Venture Investment Corporation announced earlier in July that it was investing $8.5 million in four technology startups in India, with plans to invest in over 100 additional startups over the next three to five years in the country, according to reports.
