Xiaomi India discontinues Mi Credit and Mi Pay
Phone maker Xiaomi’s India subsidiary is no longer offering its personal loan marketplace Mi Credit and the UPI app Mi Pay.
The Mi Pay app is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India’s (NPCI) website. The app service had 50 million registered users in India, and has been pre-installed on phones sold by the company.
The company’s spokesperson said, “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 4 years, we were able to connect and support thousands of customers. We are working with our partners and supporting our consumers during this process. We will continue to bring [the] latest technology and innovation for all with our products and services in the future.”
Mi Credit connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store. In April, India’s federal financial crime agency froze $676 million worth of Xiaomi’s assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments.
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