In the Indian market, Chinese smartphone maker Xiaomi has closed one of its major financial businesses. Xiaomi has removed the Mi Pay and Mi Credit apps from its App Store and Google Play Store. Mi Pay was launched 3 years ago. With the Mi Pay app, users used to transfer money, and for many types of payments.
Mi Pay app has also disappeared from the list of apps of National Payment Corporation of India (NPCI). Investigation is going on in India against Xiaomi regarding tax. On this matter, Xiaomi India spokesperson says that 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 throughout this process. We will continue to bring the latest technology and innovation to everyone with our products and services in the future.
It is known that the bank accounts of Xiaomi have been frozen in the country. It has assets of around Rs 5,500 crore. Xiaomi had also approached the Karnataka High Court regarding this matter, but the court refused to hear.
A case going on against Xiaomi under the Foreign Exchange Management Act. A few days ago also a report came, in which it was said that Xiaomi may shift its manufacturing business from India to Pakistan. This claim was rejected outright by Xiaomi, calling it a rumour.
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