Xiaomi closed its financial services business in India

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.