This is the first gig of the company in fin-tech
Xiaomi, the smartphone maker who is ruling the Indian market informed that it is going venture into the fin-tech sector. The company will offer credit to young working people. The behemoth phone maker launching Mi Credit carefully planned and designed the digital lending marketplace. The service will offer Rs. 5000-100,000 with low-interest rates.
The company has tied up with some of the Indian start-ups such as ZestMoney, CreditVidya, Money View, Aditya Birla Finance limited, and Early Salary. They are working on the process of determining who should get the credit and after thoughtful consideration finance it.
The Mi Credit app will access users’ texts and call logs to find out the transaction history and determine if they are worthy of credit or not. This is a onetime quick process at the end of it the qualified candidate can have desired credit.
The app will be preinstalled on Xiaomi phones
Manu Jain, VP of Xiaomi while attending a conference in New Delhi said, “Having multiple partners for the crediting platform ensures that the likeliness of a user securing a loan is high. Once a user has secured credit from the app, they can avail more credit in the future with a single click.”
The main reason for joining the start-ups is the large user base that the company wants to target. Xiaomi is one of the topmost mobile brands in India has a strong base of smartphone users. The company has sold 100 million smartphones in the country. The Mi Credit app will be preinstalled on Xiaomi phones and for other users, the app will be available on the Google Play Store. Mi Credit is available across 10 states covering 1500 zip codes. The company said there will be different deals with the partners as per the product they are serving in the market.