Xiaomi, the Chinese electronics company, has officially launched its Mi Credit app on 3rd December 2019. The app is currently available on Google’s Play Store app and provides a credit lending service with a spending limit of 1,00,000 INR (or roughly 9,800 CNY).
The Mi Credit app marks the expansion of the tech giant’s financial services portfolio within the Indian subcontinent. It is an online marketplace for lenders and has support from five non-banking financial companies (NBFC) and FinTech firms that includes Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya. Additionally, Xiaomi has also partnered with Experian to provide a credit score report free of cost on the Mi Credit app.
Currently, the Mi Credit App is available in 10 states and supports up to 1500 pin codes. Xiaomi plans on the rolling out of the service to all pin codes by the end of this financial year, March 2020. For those interested, the app is available in Google Play Store, Xiaomi App Store and GetApps platforms for Android smartphones. Furthermore, the app will now arrive preloaded on the company’s MIUI OS powered smartphones.
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Xiaomi’s Mi Credit app is the company’s first financial service app since the Mi Pay which debuted in March 2019. According to the company, the app-based financial platform enable the firm and its lending partners to provide users with a complete digital experience with no paper involved in the process. This also extends to the process of uploading user documents (for KYC) for linking to the bank account.
The Chinese company sees a huge opportunity in consumer lending services in India. According to Hong Feng (Senior Vice President/co-founder of Xiaomi), the financial lending services sector could grow up to 1 trillion USD by 2023 and its Mi Pay and Mi Credit App can revolutionize the Indian FinTech industry. Lastly, to add a sense of security, Xiaomi’s India Managing Director, Manu Kumar Jain, stated that all user data on Mi Credit app was stored securely in an encrypted format in India. This was achieved by Amazon’s Web Services cloud infrastructure.
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(Via)
