Xiaomi has quietly shut down its Mi Financial Services business in India. The decision has been taken as part of its strategic assessment activity and to place a greater emphasis on the core business services in the country. The company has removed its Mi Pay as well as Mi Credit apps from the Google Play Store and its own app store in India.
Mi Pay, which was launched in India in 2019, has more than 20 million users in the country. The payments app is no longer listed among the recognized UPI apps by NPCI, an umbrella organization that facilitates UPI payments and other services in the country.
Later, the company also introduced the Mi Credit app, which lent customers between $70 to $1,400 at comparatively low-interest rates. The app apparently accessed users’ texts and call logs to look for transaction information and some other details in order to determine their creditworthiness and granted loans to them through partners within minutes.
“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,” a Xiaomi spokesperson said.
Earlier this year, India’s federal financial crime agency froze $676 million worth of Xiaomi’s assets for allegedly making illegal remittances via royalty payments to foreign entities. However, Xiaomi denies any wrongdoing and has said the action “effectively halted” its operations in its key Indian market.
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