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Xiaomi closed its financial services business in India

Less than three years after introducing payment and loan applications in the important global market, Xiaomi has discreetly ended its financial services in India, according to two persons with direct knowledge of the situation. By doing so, the company is reportedly backing away from a $1 trillion opportunity, according to analysts.

The Mi Pay and Mi Credit apps have lately been taken down by the Chinese company from both the national Play Store and its own app store. The NPCI has also taken Mi Pay from its list of permitted UPI apps. Mi Pay allowed users to execute transactions on the nation’s UPI payments network. Requests for comment were not met by NPCI or Xiaomi.

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