Xiaomi India shuts down Financial Services like Mi Pay and Mi Credit

Main Image
  • Like
  • Comment
  • Share

If you have been trying to find Mi Pay or Mi Credit apps on Google Play Store or Xiaomi’s app store and yet to no avail, don’t worry because it’s not you. Apparently, Xiaomi has removed both Mi Pay and Mi Credit apps as well as ceased the related operations to focus on its core business services.

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.

Related Articles

ImageSamsung Galaxy S23 Ultra first impressions: Bets big on Cameras and performance

Wait for Samsung’s first flagship lineup of 2023 is almost over now. The tech giant showcased three new S series phones in full glory – the Galaxy S23 Ultra, Galaxy S23 Plus, and Galaxy S23 at its first Unpacked event of 2023. The Samsung Galaxy S23 Ultra gets several upgrades over the existing S22 Ultra. …

ImageIndia Bans Mi Browser Pro over data privacy concerns

The government of India has been gunning for Chinese apps ever since the Indo-china clash in the Ladakh region. Since then the Indian government has banned 59 Chinese apps followed by 47 more apps. Today, the Modi government has slapped a ban on Xiaomi’s Mi Browser Pro app in the country. The government points to …

ImageXiaomi Mi Pay Mobile Payment Service Launched In India: How to Register

Xiaomi had unveiled Mi Pay in China back in 2016. And finally, this Chinese tech giant has launched their NFC based mobile payment system in India. This service is launched in partnership with ICICI Bank and PayU. The National Payment Corporation Of India (NPCI) has cleared it for an Open Beta. This means now you can …

ImageSamsung opens biggest experience store in New Delhi: Poco aims to go offline in India this year

India has been emerging as one of the major markets for leading tech brands like Samsung, Xiaomi, Realme, Poco, Motorola, and more. In 2023, many of these top brands are going offline in India, and those which have an offline network plan to expand it even more. In this article, we will talk about Samsung …

ImageXiaomi Mi Pay payment service officially launched in India: Everything you need to know

Muralikrishnan, COO, Xiaomi India officially unveiled the Mi Pay service today in India. The payment service had its homeland launch in 2016 and touched the Indian Subcontinent recently in India through a beta programme. NFC based mobile payment system will be powered by ICICI Bank and PayU. Now with its stable release, let’s see what it …

Discuss

Be the first to leave a comment.