Xiaomi's new digital lending platform is a play to challenge Samsung in India

Business Insider | 12/4/2019 | Alicia Phaneuf
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Part - Efforts - Consumers - India - Smartphone-maker

As part of its continued efforts to win over consumers in India, China-based smartphone-maker Xiaomi officially rolled out its personal lending service, dubbed Mi Credit, in the country, according to TechCrunch.

The Mi Credit app will come preinstalled on Xiaomi smartphones running an Android-based MIUI operating system and can also be downloaded from the Google Play Store. Mi Credit offers loans of up to Rs 100,000 ($1,393), with interest rates starting at 1.35% per month. Xiaomi joined hands with several banking and fintech firms as lending partners for the Mi Credit app.

Xiaomi - Phone - Data - Users - Credit

Xiaomi will rely on alternative phone data to build users' credit profiles, which could prove attractive to India's population. Mi Credit will rely on data from phone activity to create credit profiles on loan applicants, including information such as social relationships and brand loyalty, and it will also scan phone data to search for mentions of lifestyle changes.

This approach to building users' credit profiles is part of Xiaomi's goal to make the personal loan process quicker and more convenient. Mi Credit's simple, digital-only application process with real-time approval should make it easier for users — especially those who don't have a traditional credit score — to obtain credit, since the service has access to much more data than existing solutions in the market.

Financial - Services - Market - Xiaomi - Core

Financial services represents a market outside of Xiaomi's core business through which it can expand its hold on mobile consumers in India. Mi Credit is Xiaomi's second Mi-branded financial solution: The company first...
(Excerpt) Read more at: Business Insider
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