Xiaomi India spokesperson said on Friday (October 28) that the Chinese smartphone maker has shut down its financial services business in India.
“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,” the company spokesperson said.
The company’s Mi Pay app, which allowed users to make bill payments and money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India’s (NPCI) website.
NPCI is an industry body that oversees UPI, country’s state-backed peer-to-peer payments network. Reuters said that NPCI declined to comment over the development.
Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday.
India is Xialomi’s strongest market outside China. The company has found itself to be subject to government probe for allegedly dodging tax regulators.
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In India, Xiaomi’s strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.
In April, India’s federal financial crime agency froze $676 million worth of Xiaomi’s assets, alleging the company made illegal remittances to foreign entities by passing them off as royalty payments.
The Chinese smartphone group, which denies any wrongdoing, has said the action “effectively halted” its operations in its key Indian market.
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