Xiaomi has quietly discontinued its financial services in India, less than three years after launching payment and lending apps in the key global market, according to two sources familiar with the matter, retreating from a $1 trillion opportunity, according to analysts.
The Chinese conglomerate recently removed the Mi Pay and Mi Credit apps from the local Play Store and its own app store in the country. Mi Pay, which allowed users to conduct transactions on the country’s UPI payments network, has also been removed from the NPCI’s list of approved UPI apps. Neither Xiaomi nor NPCI responded to requests for comment.
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Xiaomi has quietly discontinued its financial services in India, less than three years after launching payment and lending apps in the key global market, according to two sources familiar with the matter, retreating from a $1 trillion opportunity, according to analysts.
The Chinese conglomerate recently removed the Mi Pay and Mi Credit apps from the local Play Store and its own app store in the country. Mi Pay, which allowed users to conduct transactions on the country’s UPI payments network, has also been removed from the NPCI’s list of approved UPI apps. Neither Xiaomi nor NPCI responded to requests for comment.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
