In a bid to further consolidate its position as the leading player in Indian mobile phone space, Chinese smartphone maker Xiaomi has recently launched a new lending platform — ‘Mi Credit’ in India.
Aimed at attracting youngsters and working population that form a significant target market for the Chinese handset maker, Mi Credit, currently made available in partnership with KreditBee, an instant personal loan platform, will initially offer loans ranging from Rs 1,000 up to Rs 100,000.
Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India said Xiaomi provides internet services to give our users a complete mobile internet experience, and MIUI functions as an open platform for us to deliver our wide range of internet services, such as content, entertainment, financial services and productivity tools.
“Mi Credit is another big step in bringing an important internet service to India and we trust that our users would be able to truly benefit as the service becomes more sophisticated,” he said.
The company says that the lending service currently available only for MIUI users can be initiated in less than 10 minutes with a simple KYC verification.
After Mi Music and Mi Video launched this month, the introduction of the lending facility is the third value-added Internet-based service, focused on making further inroads into the Indian mobile customer base.
Xiaomi, one of the world’s leading smartphone maker, is a leading mobile brand in India that in recent times has given a stiff competition to other competing mobile phone brands including Samsung, Lenovo and HTC in India.
According to the latest report by research firm Counterpoint, the brand maintained its lead over Samsung in the first quarter of 2018 with a record 31.1 percent market share -way ahead of Samsung’s 26.2 percent market share that Counterpoint reported for the first quarter of 2018.