Financial services

Xiaomi shuts down financial services in India: here’s why

Xiaomi, a Chinese technology company, said on Friday that it has shut down Mi Financial Services in India as part of its strategic assessment activity and to focus more on core business services in India.

The tech giant launched Mi pay in the Indian market in 2019, which attracted more than 20 million users in India. The company also launched Mi Credit later.

Xiaomi India says the decision is to better focus on the company’s core business services. The company spokesperson said, “We closed Mi Financial Services in March 2022. Over the span of four years, we have been able to connect and support thousands of customers. We work with our partners and support consumers through this process.”

Moreover, Xiaomi India states that the company will continue to bring the latest technologies and innovations for everyone with its products and services in the future.

Mi Credit was initially launched in May 2018 and then re-launched on December 3, 2019. It was an organized online loan marketplace to provide personal loans to Mi Fans.

According to the company, she disbursed personal loans of up to 28 crores (or 1 crore per day) during the pilot phase which ran until November 2019.

The company dominated the Indian smartphone market in the third quarter of this year. According to a report by market research firm Canalys, Xiaomi retained the top spot with 9.2 million units as the brand gained ground in July online sales ahead of the festival season.

Meanwhile, Xiaomi unveiled its Xiaomi Book Air 13 in its home country, in addition to the Redmi Note 12 series. According to the company, it is the thinnest Xiaomi laptop with a 360 degree, equipped with position modes, an Intel EVO certified laptop with a lightweight design, high performance and long battery life.

Xiaomi Book Air 13 has a price of 5999 CNY ( 68,336 approx) for the i5 variant while the i7 variant costs CNY 6999 ( 79,753 approximately). It is currently unclear whether the laptop will be launched in India or not.

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