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Xiaomi India: Chinese smartphone maker Xiaomi has decided to close its financial business in the Indian market. However, this has not been officially confirmed by the company yet. According to the report, Xiaomi has removed the Mi Pay and Mi Credit apps from its App Store and Google Play Store. English technology site TechCrunch first gave information about removing Mi Pay and Mi Credit apps. Removing these apps indicates that the company is withdrawing its financial business from the market.
Mi Pay was entered three years ago
Mi Pay was launched by Xiaomi three years ago. Users could transfer money through the Mi Pay app. Along with this, many other types of payments could also be made. Now the Mi Pay app has also disappeared from the list of apps of the National Payments Corporation of India (NPCI). Let us tell you that there is an investigation going on in the country against Xiaomi regarding the tax.
Spokesperson of Xiaomi India
When asked about this whole matter, Xiaomi India spokesperson said that we have closed Mi Financial Services in March 2022 to focus on other core business service. 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 customers throughout this process. We will continue to bring the latest technology and innovation to everyone in the future with our products and services.
Xiaomi bank account freeze
There is also news that the bank accounts of Xiaomi have been frozen in India, which is estimated to be around Rs 5,500 crore. Xiaomi had also filed a petition in the Karnataka High Court regarding this matter, but the court has refused to hear. Let us tell you, a case is going on against Xiaomi under the Foreign Exchange Management Act (FEMA). A few days ago also a report came out in which it was said that Xiaomi may shift its manufacturing business from India to Pakistan. Although this claim was directly rejected by Xiaomi. Xiaomi had said that this is only a rumour.
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