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Reading: TechCrunch: Xiaomi discontinues financial services business in India
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TechCrunch: Xiaomi discontinues financial services business in India

TechCrunch reported on Friday that Xiaomi Corp., a Chinese smartphone manufacturer, is closing down its financial services business in India...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief October 28, 2022
Updated October 28, 2022 at 1:22 PM
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TechCrunch: Xiaomi discontinues financial services business in India
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TechCrunch: Xiaomi discontinues financial services business in India

TechCrunch reported on Friday that Xiaomi Corp., a Chinese smartphone manufacturer, is closing down its financial services business in India.

According to the report, the business recently removed its Mi Pay and Mi Credit apps from the Indian Play Store and its own app store.

Mi Pay, which allowed users to send and receive money three years after its launch, is no longer included among the approved apps by the regulating agency National Payments Corporation of India (NPCI), according to TechCrunch.

A Reuters request for comment was not promptly answered by Xiaomi or NPCI.

In India, Xiaomi’s strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.

An Indian court recently declined to lift a freeze on Xiaomi’s $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had “effectively halted” its operations in its key Indian market.

Tags: Finance

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