World’s No. 1 smartphone vendor by revenue, South Korea-based Samsung Electronics, headquartered in Suwon, S. Korea, has been exploring an option to proffer an additional financing to potential buyers of its smartphone in India, a company executive unveiled on Thursday, the 26th of September 2019 on condition of anonymity, as Samsung Electronics had been facing off a fierce competition in India amid a heavily congested smartphone market with a much-bolstered presence of rivals likes of China’s Xiaomi, world’s third-largest smartphone vendor by revenue behind Huawei Technologies, alongside domestic low-cost smartphone manufacturers.
On top of that, in a telephone interview with a press agency earlier on Thursday (September 26th), Samsung India’s senior Vice President for mobile sector, Mohandeep Singh, had been quoted saying that the fresh financing of Samsung Electronics would be proffered through quick and easy loans to all potential buyers, for which the world’s No.
1 smartphone vendor had already partnered up with one of the local shadow banking firms in India. Besides, citing that the South Korean smartphone industry goliath had been sketching out a plan to roll out its financed products in 5,000 stores across 30 Indian cities, Singh said in the telephone interview on Thursday (September 26th), “We are giving finance to consumers who have not been served consumer finance in the past,” while the company had been planning to expand its products under quick loans in more than 10,000 exclusive Indian stores across 100 cities by year-end, added Singh.