by Chinese media recently reported that Xiaomi Group had previously terminated financial services in the Indian market last week in unexpected circumstances. In 2019, Xiaomi launched mobile payment and mobile loan services in India through mobile programs. Some analysts once said that the market value of this market was as high as 1 trillion US dollars, but Xiaomi Group suddenly chose to withdraw.
The report mentioned that Xiaomi has removed “Mi Pay” and “Mi Credit” from the Google Play store and its own app store. In the past 3 years, Mi Pay has attracted more than 20 million users in India. Although it was once an approved program of the Unified Payments Interface (UPI) of India, which allows users to make online payments for transactions, it is now regulated by the India’s national payment institution NPCI delisted.
As for “Mi Credit,” which allows users to borrow at low interest rates from $70 to a maximum of $1,400, it claims to be able to complete the approval process within minutes. A Xiaomi spokesman said the closure of the two financial services was part of an annual strategic review, in line with the group’s increased focus on core businesses.
Data and picture sources:ifeng
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