Chinese smartphone maker Xiaomi shut down its financial services business in India.

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The company pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store. Mi Pay is also no longer listed among the recognised UPI apps by the National Payments Corporation of India (NPCI).

In India, Xiaomi unveiled Mi Pay in March 2019. At the time, corporate executives reported that the app had over 20 million registered users nationwide.

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Later in the year, the business released Mi Credit, an app offering low-interest loans to users ranging from $70 to $1,400. It quickly granted loans to consumers through partners by looking at transaction information and other facts in users' texts and call logs to assess their creditworthiness.

"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 four years, we were able to connect and support thousands of customers," Xiaomi India told CNBC-TV18.

The company added it is working with its partners and supporting its consumers during this process. It will also continue to bring the latest technology and innovation for all with its products and services in the future.

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In India, Xiaomi’s most substantial market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.

An Indian court recently declined to lift a freeze on Xiaomi’s $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had "effectively halted" its operations in its key Indian market.

(With inputs from Reuters)

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First Published:Oct 28, 2022 1:58 PM IST