Xiaomi suspends its financial services in India. Recently, Mi Pay and Mi Credit apps have been removed from Google Play Store (only India region) and Xiaomi India’s own app store. So why were these important issues made without announcement, and why are Mi Pay and Mi Credit apps no longer available in India? It looks like Xiaomi, facing intense scrutiny by Indian government agencies.
Mi Pay and Mi Credit Blacklisted!
Xiaomi has recently removed Mi Pay and Mi Credit apps in India from Google Play Store and its own app store, but there is an important reason. National Payments Corporation of India (NPCI), organization that oversees Unified Payments Interface (UPI) payment system in India, has removed Mi Pay and Mi Credit applications from its whitelist. Accordingly, these apps are being blacklisted and Xiaomi India has had to suspend financial services industry.
Xiaomi India stated on this subject, that move is part of its annual strategic assessment activity and they will continue to bring latest innovations to India. There is no statement in NPCI side either. Xiaomi India spokesperson said in a statement to TechCrunch;
“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. We will continue to bring latest technology and innovation for all with our products and services in the future.”
Xiaomi’s Financial Business History on India
Xiaomi launched Mi Pay in March 2019 for India region. Company executives said app brought together more than 20 million registered users in country that year. Later, Xiaomi launched Mi Credit with $70 and $1,400 at low interest rates. In August last year, Manu Jain (former head of Xiaomi India) told media outlets that company aims to become one of the biggest players in India’s fintech space through its Mi Credit and Mi Pay apps. Xiaomi said it sees India as largest market for Mi Credit after China.
As a result, this move of Xiaomi will deeply affect its market in India. While Xiaomi India has yet to comment on the matter, the issue makes it clear that the company is facing intense scrutiny from government agencies. Stay tuned for more.
