Xiaomi quietly shuts down its financial services business in India: Report
<img src="” title=”Xiaomi quietly shuts down its financial services business in India: Report” />
Xiaomi India has quietly shut down its financial services business in India. The company, as per reports, has pulled it Mi Pay and Mi Credit apps from the Google Play Store and its own app store in India.
The Mi Pay, as per a report by TechCrunch, is no longer listed among the recognised UPI apps by the National Payments Corporation of India (NPCI).
The 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 (United Payments Interface) platform, and it offered deep integration with the company’s MIUI skin in the form of SMSs, contacts and settings. 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.
At @XiaomiIndia we are very sensitive when it comes to user data security.
All #MiPay data is stored only in India in highly secure servers.#MiPay is Approved by @NPCI_BHIM@NPCI_NPCI & the payments service is powered @ICICIBank
RT if you’ll be using #MiPay pic.twitter.com/l9ei8j0bwF
— Manu Kumar Jain (@manukumarjain) March 19, 2019
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. At the time, Xiaomi had partnered with local startups including Aditya Birla Finance, ZestMoney, CreditVidya, Money View and EarlySalary for the same. The app scanned through users’ text messages and call logs to look for transaction information and other similar details that would determine their creditworthiness and get the required loan approved quickly.
Both these apps came pre-installed on Xiaomi smartphones. They were also available on Google’s Play Store for Android users to download.
Now, the new report says that both the apps are no longer available in India.
While Xiaomi India has not commented on the matter yet, the development does come at a time when the company is facing intense scrutiny by governmental agencies in the country. ED froze Xiaomi India’s assets worth $676 million earlier this year. Later, Karnataka High Court declined to lift the freeze. Xiaomi India officials, on their part have refused any wrongdoing.
The post Xiaomi quietly shuts down its financial services business in India: Report appeared first on BGR India.
<img src="" title="Xiaomi quietly shuts down its financial services business in India: Report" />
Xiaomi India has quietly shut down its financial services business in India. The company, as per reports, has pulled it Mi Pay and Mi Credit apps from the Google Play Store and its own app store in India.
The Mi Pay, as per a report by TechCrunch, is no longer listed among the recognised UPI apps by the National Payments Corporation of India (NPCI).
The 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 (United Payments Interface) platform, and it offered deep integration with the company’s MIUI skin in the form of SMSs, contacts and settings. 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.
At @XiaomiIndia we are very sensitive when it comes to user data security.
All #MiPay data is stored only in India in highly secure servers.#MiPay is Approved by @NPCI_BHIM@NPCI_NPCI & the payments service is powered @ICICIBank
RT if you’ll be using #MiPay pic.twitter.com/l9ei8j0bwF
— Manu Kumar Jain (@manukumarjain) March 19, 2019
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. At the time, Xiaomi had partnered with local startups including Aditya Birla Finance, ZestMoney, CreditVidya, Money View and EarlySalary for the same. The app scanned through users’ text messages and call logs to look for transaction information and other similar details that would determine their creditworthiness and get the required loan approved quickly.
Both these apps came pre-installed on Xiaomi smartphones. They were also available on Google’s Play Store for Android users to download.
Now, the new report says that both the apps are no longer available in India.
While Xiaomi India has not commented on the matter yet, the development does come at a time when the company is facing intense scrutiny by governmental agencies in the country. ED froze Xiaomi India’s assets worth $676 million earlier this year. Later, Karnataka High Court declined to lift the freeze. Xiaomi India officials, on their part have refused any wrongdoing.
The post Xiaomi quietly shuts down its financial services business in India: Report appeared first on BGR India.
<img src="” title=”Xiaomi quietly shuts down its financial services business in India: Report” />
Xiaomi India has quietly shut down its financial services business in India. The company, as per reports, has pulled it Mi Pay and Mi Credit apps from the Google Play Store and its own app store in India.
The Mi Pay, as per a report by TechCrunch, is no longer listed among the recognised UPI apps by the National Payments Corporation of India (NPCI).
The 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 (United Payments Interface) platform, and it offered deep integration with the company’s MIUI skin in the form of SMSs, contacts and settings. 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.
At @XiaomiIndia we are very sensitive when it comes to user data security.
All #MiPay data is stored only in India in highly secure servers.#MiPay is Approved by @NPCI_BHIM@NPCI_NPCI & the payments service is powered @ICICIBank
RT if you’ll be using #MiPay pic.twitter.com/l9ei8j0bwF
— Manu Kumar Jain (@manukumarjain) March 19, 2019
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. At the time, Xiaomi had partnered with local startups including Aditya Birla Finance, ZestMoney, CreditVidya, Money View and EarlySalary for the same. The app scanned through users’ text messages and call logs to look for transaction information and other similar details that would determine their creditworthiness and get the required loan approved quickly.
Both these apps came pre-installed on Xiaomi smartphones. They were also available on Google’s Play Store for Android users to download.
Now, the new report says that both the apps are no longer available in India.
While Xiaomi India has not commented on the matter yet, the development does come at a time when the company is facing intense scrutiny by governmental agencies in the country. ED froze Xiaomi India’s assets worth $676 million earlier this year. Later, Karnataka High Court declined to lift the freeze. Xiaomi India officials, on their part have refused any wrongdoing.
The post Xiaomi quietly shuts down its financial services business in India: Report appeared first on BGR India.
