Xiaomi is one of the best smartphone makers in the world. It has made a lot of growth in the digital markets including India. Still, there’s a huge gap between Xiaomi and other competing services of Indian local digital payment platform PhonePe and Google’s digital payment platform Google Pay.
The Chinese smartphone brands such as Xiaomi, Oppo, and Realme released their online payment platforms Mi Pay, Mi Credit, Oppo Kash, and Realme PaySa respectively in India in early 2020.
Yet, these apps still not crossed 100 million downloads in the Google PlayStore. While the smartphone users of these brands are between 20 million and 100 million in India.
According to the transaction volume handled by online financial services platforms, these applications are far from competitors. And, the data from NPCI says during 2020, the monthly transaction volume of Mi Pay and Realme PaySa was 480,000 and 10,000 sequentially, the month-on-month growth rate was small.
Besides this, back in December 2020, PhonePe’s transaction volume reached 902.3 million, while Google’s payment application Google Pay processed 854.49 million transactions.
Adding to this, digital payment service examiners said that the growth rate has not been improved even after the stimulated adoption of digital applications by consumers during the COVID-19 pandemic.
Also, these Chinese technology companies provide other digital financial services in India, such as fast loans, insurance, and mutual fund investments, still, the growth didn’t raised.
The companies are trying to diversify in the financial services sector and monetize their existing user base through these services and potential advertising revenues.
The research director of IDC India said, “However, after the launch of these application services, we have not seen them carry out any marketing activities.”
The founder of the research company techARC said that as people’s credit scores decline after the COVID-19 pandemic, lending activities using third-party apps will decline in 2020.
In response to the above news, Xiaomi did not react to media requests for comment.