Xiaomi India has quietly shut down its financial services business in India. The company has pulled its Mi pay and Mi credit apps from the Google play store and its app store in India.
Xiaomi India in a statement said that the move is a part of its annual strategic assessment activity and that it will continue to bring the latest technological innovations to India.
Mi pay app was launched by former Xiaomi India head Manu Kumar Jain back in March 2019 as a means for Xiaomi device owners to payment digital payments. The app was based on NPCI’s UPI.
The NPCI-approved app was powered by ICICI Bank and it enabled users to make payments via UPI, debit card, credit card, and internet banking among other things.
Later in the year 2019, Xiaomi India launched the Mi Credit app, a digital lending platform, that gave eligible users a credit between Rs 5,000 and Rs 100,000 at low-interest rates.
Earlier both these apps came pre-installed on the phones. And it is said that both these apps will no longer be available in India.
Though, Xiaomi India hasn’t given any statement on the matter yet.
