Xiaomi closed a big business in India

Xiaomi has increased its business significantly in India. Xiaomi’s business is spread across many sectors, but now this company has decided to shut down its two main services in India. Xiaomi had also listed two big apps on Google Play Store and Mi App Store for these two services, but now that too has been removed. Let us tell you about this big step of Xiaomi.

Xiaomi has stopped its financial services in India. Xiaomi used to work in financial services in addition to smartphones, smart TVs, and all electronic gadgets in many countries around the world including India. Through this service, Xiaomi used to provide loans to its users easily. For this, Xiaomi also launched two apps, Mi Pay and Mi Credit.

Two apps of Xiaomi have been locked

Now both these apps have been removed from Google Play Store. According to a Reuters report, Mi Pay has also been removed from the recognized apps list of the National Payments Corporation of India (NPCI). Let us tell you that the National Payments Corporation of India is such a body of the Government of India, which recognizes such financial apps that provide online loans. However, no official statement has come out from NPCI till now.

Let us tell you that Xiaomi started this service in India about 4 years ago. Xiaomi India spokesperson said that in the last 4 years, we have provided our facilities to many people with the help of these platforms. He further said that, we will continue to introduce new products and services with new technology and innovation in the future.

Xiaomi discontinues financial services business in India

 Xiaomi Corp is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter. The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its app store, the report said.

Three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the recognized apps by the regulatory body National Payments Corporation of India (NPCI), TechCrunch said. Xiaomi and NPCI did not immediately do not respond to a Reuters request for comment.

In India, Xiaomi’s strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators. An Indian court recently declined to lift a freeze on Xiaomi’s $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had “effectively halted” its operations in its key Indian market. 

A Xiaomi spokesperson said “As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the Mi Financial Services in March 2022. In a short span of 4 years, we were able to connect and support thousands of customers. We are working with our partners and supporting our consumers during this process. We will continue to bring the latest technology and innovation for all with our products and services in the future.”

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