Tuesday, November 29, 2022
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Mi Pay and Mi Credit financial services closed in India, see what will be the effect

Xiaomi Discontinued Financial Services Windows Down In India: Chinese smartphone maker Xiaomi has closed its financial business in the Indian market, although it has not been confirmed by the company yet. 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 make many types of payments.

ongoing investigation in the country

The Mi Pay app has also disappeared from the list of National Payments Corporation of India (NPCI) apps. Investigation is going on in India against Xiaomi for tax evasion. On this matter, the spokesperson of Xiaomi India says that we have closed Mi Financial Services in March 2022 to focus on other core business services. 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.

5,500 crore asset freeze

It is known that the bank accounts of Xiaomi have been frozen in the country. It has assets of about Rs 5,500 crore. Xiaomi had also approached the Karnataka High Court regarding this matter, but the court refused to hear.

Xiaomi told the rumor

A case is 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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