Xiaomi has recently confirmed the official launch of its Mi Pay payment service for the Indian market. The company had introduced Mi Pay in China as well in 2016 and followed that with the launch of a beta trial in India. After completing the final testing now, Indian users get the complete access to Mi Pay.
Reportedly, the platform has been built on the UPI (Unified Payments Interface) in partnership with ICICI bank and National Payments Corporation of India (NPCI), supporting over 120 banks as well. The service includes prompt transfers between peer-to-peer and other Mi Pay users or bank accounts. It is significantly integrated with MIUI and allows for quick payments from other native Xiaomi apps which include contacts, scanner and SMS.
Xiaomi would supposedly focus on common digital payment use cases, through which Mi pay users will now be able to pay for services like water, gas, electricity, TV providers and phone bills. According to the reports, Xiaomi’s website will get Mi Pay support as well and other popular broadband providers such as Asianet, Hathway and Nextra Broadband have already supported by Xiaomi.
To keep the safety of user’s data, Xiaomi announced that it is working with Lucideus and EY and the Mi Pay data is stored only on Indian servers. Sources informed that the new Mi Pay service can be considered a direct competitor to WhatsApp’s payment feature, Google Pay and Paytm.
For the uninitiated, Xiaomi is a Chinese electronic company founded in April 2010 by Lei June, Headquartered in Beijing. Xiaomi introduced its very first smartphone in August 2011 and later it tremendously gained market share to become the biggest smartphone company from the country in 2014.
The first device launched by Xiaomi was Mi1 that featured the prominent Qualcomm Snapdragon chip. Along with smartphones, Xiaomi also launched many other devices which include Wi-Fi router and smart TVs.