India is already been flooding with digital payment space and adding to this is another player. The India biggest and successful phone maker, Xiaomi is now coming to India with its homegrown platform, Mi Pay which was launched in China about half a year ago. To make it happen, Xioami has teamed up with PayU and ICICI Bank to offer a UPI-powered service which will be accessible with a completely separate application. Xiaomi aims to seamlessly intergrade Mi Pay within its other proprietary application like SMS, Contacts, Scanner apps and App Vault to enable on-the-go payment experience. It is now accepting Beta Tester before the official launch of the app to the Indian masses.
The National Payments Corporation of India (NPCI) has cleared Mi Pay for mass use and launch of the application. It is compatible with every debit and credit card. It will also let you transfer payments to other UPI users. You can also recharge and make payments for several utilities such as bill/recharge, DTH recharge, electricity and water bill with just one tap. Xiaomi has also moved its servers containing user data to an India-based cloud infrastructure which assure all the data to be secured, this step has been taken in compliance with the government’s policy. Mi-Pay in India has support for QR codes and balance inquiries like all the other UPI platforms.
Unlike the original Mi Pay model that was launched in China back in 2016 which used the built-in NFC support, Mi-Pay in India will enable transactions using UPI PIN and virtual payments address (VPA). Anyone can transfer money to other using UPI or request and collect money from other UPI users using a bank account. The platform is also supposed to generate a personal dynamic and static QR code to receive payment via UPI.
Xiaomi has been moving slowly towards building its Mi Home ecosystem in India for over past few years. It has launched several products in different categories. Being a software company at its origin, the real importance has always been services, which play a major role in the growth of the company. Xiaomi in past invested in the organisation in India. A Bengaluru-based student credit platform KrazyBee and fin-tech startup Zestmoney within the last two years. All these investments might have somewhere or apparently helped understand the real market which ultimately landed up bring Mi Pay in India with the set of all local features.
If your phone is running Xiaomi’s MIUI Beta ROM, you can sign up for Mi Pay by just filling up this form. The registrations end on December 31st.
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