Mumbai: Mi India, a leading smartphone and smart TV brand, and StashFin have partnered to offer Mi StashFin Credit Line Card to the Mi Fans in India. The partnership is aimed to enable easier finance for customers of consumer electronics across the categories offered by Mi India.
The Mi StashFin Credit Line Card is powered by Visa and can be used at merchant locations and ATMs as well as during online transactions. It will be a prepaid facility that would allow customers to avail a credit limit of up to ₹5 Lakhs and an option to repay in up to 36 months, thereby enabling them to be financially efficient.
With zero-fee, the card will be contactless-enabled and will offer funds from the StashFin App within 90 seconds. It will also present exclusive offers and attractive rewards at Mi India’s online and retail stores, along with a credit line range of INR 500 to INR 5 Lakhs. Customers can also avail gift cards, in-store rewards, zero% interest, and several discounts by using the Mi StashFin Credit Line Card for their purchases at Mi India’s stores.
The partnership with StashFin offers a unique product that benefits underbanked customers with advantages of the credit line, enabling customers to utilize offerings across channels. There is a large credit gap in the Indian market, one indicator of which is that only 30 million people use credit cards. So, with Mi StashFin Credit Line Card, there is an opportunity for the underbanked population to get instant financing, improved access to credit, and build a healthy credit footprint.
The Mi-StashFin partnership will be of unique significance to those who rely on alternative financing. These include new-to-credit shoppers seeking to build a credit history.
Xiaomi is the number 1 smartphone brand company in India for 16 consecutive quarters with 29.2% share in Q2’21 as per IDC Worldwide Quarterly Mobile Phone Tracker, August 2021. Mi India’s partnership with StashFin will aim to reduce the financial burden on customers by enabling smart financing.
Ashish Khandelwal, Head, Mi Financial Services at Mi India, said: “With our partnership with StashFin, we aim to strengthen our commitment to provide FinTech innovation to everyone. With StashFin’s smart and accessible financing options, shopping at our physical and digital stores is easier than ever. The Mi StashFin Credit Line Card is one of our key products as we look forward to offering a full spectrum of financial services in India with partners.”
Tushar Aggarwal, Founder, and CEO of StashFin, said: “We are thrilled to join hands with Mi India. The partnership is an opportunity for us to empower millions of Mi Fans and finance their purchases with a smart financing solution such as the Mi StashFin Card. This partnership is key to our mission of driving financial inclusion for underbanked consumers. We are looking to fuel the aspirations of millions of Indians by deploying the latest technology for their financial freedom.”
This partnership is part of Mi India’s vision to provide a full spectrum of financial services which cover lending, insurance, and payment to facilitate financial convenience for customers.