Is it possible to change the video quality settings for camera?

Yes. If your smartphone isn´t able to process videos in HD quality or you are in an area with a slow internet connection, you are able to switch to the more modest SD setting.
Simply go to your camera´s settings and click on VIDEO QUALITY. There you might choose between HD (recommended for good WiFi reception) and SD (Recommended for 3G environment) according to your current connection.