Xiaomi on Tuesday launched its UPI-based payment system, Mi Pay in India. Mi Pay was first introduced in India last December in beta mode. Mi Pay will be available soon through Mi Apps store.
Xiaomi has partnered National Payments Corporation of India (NPCI) and ICICI Bank to launch Mi Pay in India. Users can make payments to other Mi Pay users, or through UPI ID and bank accounts as well. Xiaomi also offers QR code option for transactions on Mi Pay.
Like most digital payment systems, Mi Pay also comes with payment options for different services. Users can pay their mobile, water, electricity, gas, DTH, landline and broadband bills through Mi Pay. Some of the registered services on Mi Pay include Assam Power, BEST Mumbai, BSES Rajdhani and Yamuna and more. Mi Pay also covers popular broadband services like Asianet, Hathway and Nextra Broadband.
Mi Pay is integrated Xiaomi’s custom OS, MIUI and users will be able to pay directly to bank accounts through their contact list, SMS and scanner apps. Paytm also has a similar feature with direct pay option enabled on contacts. Mi Pay users will also be able to shop on mi.com using this payment feature. Xiaomi also said Mi Pay is secured with approvement from EY and LUCIDEUS. Mi Pay will also store all data in Indian servers.
In India, Xiaomi will be competing with top players like Paytm, Google Pay and WhatsApp’s in-built payment system.
Xiaomi announced the launch of Mi Pay at the launch event of its new entry-level smartphone in India. Redmi Go is Xiaomi’s first Android Go smartphone.