Chinese smartphone maker Xiaomi has decided to discontinue its Mi Financial Services in India. The company has said that it wants to focus more on core business services. Xiaomi launched Mi Pay in India in 2019. According to an estimate, more than 20 million people subscribed to this service. After this, the company later also launched the Mi Credit service.
Talking to news agency INS, a Xiaomi spokesperson said that 'this move is to focus on core business services. We have discontinued Mi Financial Services. In a short span of four years, we have been able to connect and serve thousands of customers. Xiaomi India said that it will continue to bring the latest technology and innovations to everyone with the products.
The Mi Credit service which was first launched in May 2018 was relaunched on 3 December 2019. Mi Credit was an online curated marketplace for personal loans and lending to Mi customers. The company had disbursed loans of up to Rs 28 crore (Rs 1 crore per day) under the pilot project, which ran till November 2019. As of December 2019, loans worth over Rs 125 crore were disbursed through its digital lending solution in India.
According to a report by ad market research firm Canalys, Xiaomi has topped the smartphone market in India with 9.2 million units. The brand had made decent profits from online sales in July ahead of the festive season. Let us tell you that a few days ago there was talk of Xiaomi winding up its business from India, but later the company denied these rumors.