According to a study conducted by Deloitte, India is projected to reach one billion smartphone users by 2026, and this growth is primarily driven by the availability of affordable mobile data. However, there still exists a significant user base of approximately 350 million feature phone users, i.e., those with basic handsets, predominantly in rural India. The key to enhancing smartphone accessibility lies in making them more affordable. This is precisely why the partnership between axio and Xiaomi has the potential to be a game-changer in achieving the goal of making smartphones accessible to all.
The advent of smartphones has revolutionised numerous aspects of our lives. These powerful devices have seamlessly integrated into our daily routines, impacting how we communicate, access information, conduct business, and entertain ourselves. With instant internet access, a wide range of purpose-driven applications, and advanced communication features, smartphones have become an indispensable part of our daily lives. Whether it's staying connected with loved ones through social media, seeking information on the go, managing work tasks, or enjoying multimedia content, smartphones have redefined convenience and connectivity.
The Indian government is well aware of the transformative potential that smartphones bring. This awareness is the driving force behind their plan to lay optic fibre across all villages by the year 2025. This infrastructure development aims to bring 5G, AI, and machine learning services to remote regions and bridge the digital divide. According to TRAI, the only way to close this gap is by making smartphones affordable and easily accessible.
The axio and Xiaomi partnership aligns with this vision by leveraging EMIs to make phone purchases more affordable. When smartphones become affordable, they also become accessible, furthering the goal of connectivity for all.
Financial inclusion and digital inclusion are intertwined concepts, with each playing a pivotal role in facilitating the other. The expansion of financial inclusion contributes to digital inclusion, and conversely, digital inclusion enables further progress in financial inclusion.
According to the World Bank's Global Financial Inclusion Database (Global Findex) report from 2017, approximately 80% of Indian adults have access to a bank account. However, the same report reveals a significant gap, indicating that about 190 million adults in India remain unbanked, making our nation the second-largest globally in terms of unbanked population, following China.
This substantial segment of the population lacking proper access to financial services translates into inequalities in opportunities, leading to significant disparities in critical sectors. Recognising this issue, our apex banking authority, the Reserve Bank of India (RBI), has implemented measures to promote financial inclusion. These measures include establishing banks in remote areas, increased access to credit facilities, and the involvement of private sector players.
Our partnership with Xiaomi serves two primary objectives. First, it aims to stimulate digital growth by making smartphones accessible through affordable options like Equated Monthly Instalments (EMIs). Secondly, we seek to promote financial inclusion by providing credit solutions that empower individuals to build their credit scores. This alliance is a significant step toward bridging the financial and digital inclusion gap, ultimately fostering greater economic empowerment and equality for all.
What makes this partnership even more special is that Xiaomi Easy Finance is available only in physical stores, solidifying our commitment to reaching all segments of the population. Anyone can simply walk into a mobile store with XEF, select the Redmi 12 phone*, activate Xiaomi Easy Finance powered by axio, and choose a repayment plan that suits their preferences to begin using their new phone.
To know more about this amazing partnership, click here.
*Xiaomi Easy Finance is currently available only on Redmi 12 5G handsets, soon to be available on other mobiles.
The smartphone revolution in India has undeniably made significant strides, with millions of people gaining access to these powerful devices. The hurdle, however, is to make that vision a reality at an urgent pace. This urgency is underlined by the existence of a digital divide, which, if left unaddressed, not only hampers progress but also adds to the time it takes to achieve a truly digital India.
The axio-Xiaomi alliance is not only committed to making smartphones and technology more accessible but also to ensuring that these tools become enablers of financial inclusion, allowing even more people to participate in the digital economy.
Disclaimer: The information in this article is compiled from various sources; reader discretion is advised.
How to buy a Xiaomi phone through Xiaomi Easy Finance?
To learn more about buying a Xiaomi phone via XEF click here.
How do I make the EMI payment for the Xiaomi phone?
The whole process of repayment will be explained by the vendor who sells the phone to you.
What happens if I miss an EMI?
The Xiaomi phone you purchase will be giving timely reminders to make payments, if in case you do miss an EMI, you will be contacted by the relevant department to understand your issue.