Xiaomi shuts financial services in India: Here’s know why

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

Xiaomi India states that the move is to focus better on the company’s core business services. The company spokesperson says, “We closed the Mi Financial Services in March 2022. In a short span of four years, we were able to connect and support thousands of customers. We are working with our partners and supporting consumers during this process.”

Moreover, Xiaomi India states that the company will continue to bring the latest technology and innovation for all with its products and services in the future.

Mi Credit was initially launched in May 2018 and then relaunched in December 03, 2019. It was an online curated marketplace for lending, to offer personal loans to Mi Fans.

As per the company, it disbursed personal loans of up to ₹28 crore (or ₹1 crore per day) during the pilot phase which ran through November 2019.

The company led the Indian smartphone market in the third quarter this year. As per a report by market research firm Canalys, Xiaomi held onto the first place with 9.2 million units as the brand gained traction from July’s online sales ahead of the festival season.

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

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