Xiaomi to Shut its Financial Services Soon?
Xiaomi is a well-known company in India. It started its financial services to expand its business services. But recently it has been decided that the company will no longer continue this plan. Both the Mi Credit and Mi Pay services would soon stop working.
Both applications are not visible in the Google Play Store anymore. The decision was taken to put focus on the core business in India.
Xiaomi launched Mi Pay in 2019 in the country and today has over 20 million users. But NPCI removed the name of this payment application from the list of recognised UPI apps. After that, the company introduced another app: Mi Credit. This lent a loan to customers at low-interest rates.
Mi Credit accesses the customer’s call logs and text messages to check the transaction information along with some more details. According to the company, this helps them determine the creditworthiness of the customer and give them loans.
But in March 2022, Xiaomi decided that it wanted to focus on the core business and thus wants to shut down all its Mi financial services. Within 4 years, the company could support and connect with so many customers! They are now working to build a long-term relationship with them.
At the beginning of 2022, Xiaomi’s assets worth $676 million were frozen by the Federal financial crime agency. The agency claimed that Xiaomi was conducting illegal remittances through royalty payments to foreign parties. But for now, the company has denied all these accusations and has said that this action has slowed down its operations in the Indian market.
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