A Xiaomi India spokesperson stated on Friday that Chinese smartphone maker Xiaomi Corp (1810.HK) has closed its monetary providers enterprise in India, 4 years after its launch.
“As part of the annual strategic evaluation activity and as a response to our focus on core business services, we closed Mi Financial Services in March 2022,” an organization spokesperson stated.
The firm’s Mi Pay app, which allowed customers to make invoice funds and cash transfers, is not listed among the many acknowledged third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India (NPCI) web site.
NPCI – an business physique that oversees India’s state-backed peer-to-peer funds community, popularly often known as UPI – declined to remark.
Xiaomi not too long ago pulled its Mi Credit, which connects smartphone customers to lending companies for fast loans, and the Mi Pay app from the native Play Store and its personal app retailer, TechCrunch reported earlier on Friday.
In India, Xiaomi’s strongest market outdoors China, the corporate is below authorities scrutiny for allegedly dodging tax regulators.
In April, India’s Federal Financial Crimes Agency froze Xiaomi’s belongings price $676 million, accusing the corporate of creating unlawful remittances to international entities within the type of royalty funds.
The Chinese smartphone conglomerate, which denies any wrongdoing, has stated the motion “effectively halted” its operations in its key Indian market.
Political tensions following border clashes in 2020 have induced many Chinese corporations to wrestle to do enterprise in India.
India has since banned greater than 300 Chinese apps, citing safety considerations, together with widespread apps like TikTok, and tighter guidelines for Chinese corporations investing in India.
With inputs from TheIndianEXPRESS
