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Xiaomi Shuts Down Financial Services Business In India

Last Updated: October 28, 2022, 17:43 IST

in 2019, Xiaomi released Mi Credit, an app offering low-interest loans to users. (Photo: Reuters)

Xiaomi unveiled Mi Pay in March 2019 in India, which is the company’s most substantial market outside of China

Chinese smartphone maker Xiaomi has shut down its financial services business in India and pulled its Mi Pay and Mi Credit apps in the country from the local Play Store and its own app store, according to a CNBC-TV18 report. It added that Mi Pay is now also not an NPCI-recognised UPI app.

“As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022. In a short span of four years, we were able to connect and support thousands of customers,” the CNBC-TV18 report said attributing to Xiaomi India.

The company unveiled Mi Pay in March 2019 in India, which is Xiaomi’s most substantial market outside of China. Currently, the app has about 20 million registered users nationwide. Later in 2019, Xiaomi also released Mi Credit, an app offering low-interest loans to users ranging from $70 to $1,400.

An Indian court recently declined to lift a freeze on Xiaomi’s $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had “effectively halted” its operations in its key Indian market.

(With inputs from Reuters)

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