Xiaomi’s new Mi Credit service in India is scheduled to debut in the coming weeks. The service aims to offer loans of up to 100,000 rupees (USD 1,451) with interest rates starting at 1.8%. At the moment, Mi Credit operates in ‘beta phase’, a Xiaomi spokesman told Reuters.
India is Xiaomi’s largest market outside China, and it boasts an installed base of some 70 million phones there, according to market researcher Counterpoint.
The Chinese phone maker uses data from phone activity to create credit profiles based on a customer’s identity, life stage, lifestyle, social relationships, and brand loyalty, according to documents seen by Reuters. Since this practice has raised data privacy concerns, consumers who apply for the services in India sign broad agreements consenting to share their personal data with Xiaomi.
This info includes data such as professional and educational background, temporary messages history, and information related to ‘use of certain apps and websites’.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.