Chinese smartphone maker Xiaomi is winding down its financial services business in India, according to a recent report, citing sources familiar with the matter.
Three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the recognized apps by regulatory body National Payments Corporation of India (NPCI), the report stated.
“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. 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 during this process. We will continue to bring latest technology and innovation for all with our products and services in the future,” a Xiaomi India spokesperson said on Friday.
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