China's Xiaomi is poised to launch a consumer lending business in...
Indeed, Xiaomi’s approach to data collection and privacy has raised eyebrows among some of those familiar with its international expansion plans. The company remains a small player in financial services in its home country, according to documents seen by Reuters.
A source familiar with Xiaomi’s India efforts said the company was doing well there with its first offering, a payment app called Mi Pay that launched in March. 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.
Consumers who apply for the services in India sign broad agreements consenting to share their personal data with Xiaomi, including everything from “professional and educational backgrounds” to “temporary messages history” and information related to “use of certain apps and websites”. Apar Gupta, executive director at advocacy group Internet Freedom Foundation, said a lack of data privacy laws and regulations in India left users vulnerable.
Moreover, privacy concerns may not be top of mind for Xiaomi phone owners, many of whom are drawn by the relatively bargain prices of the hardware.
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