Xiaomi shuts down Financial Services in India
According to Xiaomi India, it has officially shut down financial services in India citing its strategic assessment activity. The tech juggernaut mentioned that it wants to emphasize its core business services and thus, the move. Mi Pay is one of the leading payments apps with more than 20 million users garnered in just four years of its inception in India in 2018. Xiaomi India has shut its operations which means it is no longer associated with any UPI apps by NCPI in the country. Moving on, Xiaomi India has also shut down operations of its lending component dubbed the Mi Credit app. Launched in November 2019, the app was able to disburse loans of approx 28 crores in its pilot phase i.e. 1 crore a day. It apparently skimmed through the user’s texts and call log to determine if the user is creditworthy or not. In total, it disbursed a loan amounting to 125 crores till December 2019. For now, it is closed as well. Xiaomi India mentioned that it is working with its partners to facilitate the process ever since it started to close shops in March this year. Xiaomi is currently one of the largest smartphone makers in India recording a sale of 9.2 million units in Q3 this year. It has been gropped in several controversies regarding its facilitating remittance of royalty payments to foreign entities to which it denied any wrongdoing.
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