Xiaomi officially launches digital lending service Mi Credit in India
China Knowledge Online
Dec 08, 2019

Dec 04, 2019 (China Knowledge) - China’s electronics giant Xiaomi Corporation has officially launched its digital lending service Mi Credit in India. Mi Credit is an online platform for users to borrow money from lending firms, enabling quick and easy loans of between INR 5,000 (USD 70) and INR 100,000 (USD 1,400).

Xiaomi has teamed up with fintech and lending start-ups in India, such as ZestMoney, CreditVidya and Money View for the Mi Credit service. These firms will assist in checking the creditworthiness of customers, as well as relevant screenings. In addition, the firms will help to provide credit for customers.

According to Manu Jain, vice-president of Xiaomi, Mi Credit will assess customers creditworthiness via scanning of transaction information from phone texts and call logs. The process will require a few minutes, with the credit awarded after the customer is deemed eligible.

Customers may apply for additional credit via Mi Credit once they satisfy the creditworthiness check.

Xiaomi has began focusing and expanding its offering of fintech services in the Indian market. Prior to Mi Credit, the company launched Mi Pay in March this year. Mi Pay is a payment mobile app that enable transference of money and payment of bills digitally. The app is estimated to have a total of 20 mln registered users in India so far.

In recent years, India digital lending services sector has been growing rapidly. According to analysts estimates, the sector is expected to reach USD 1 trln by 2023. With Mi Credit also available in China, Xiaomi is set to leverage on two of the world’s largest markets for the various financial services offered by the company.

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