Xiaomi Launches Mi Pay (beta) in India To Compete Against Google Pay.
Xiaomi has captured budget markets around the world with their smartphones but looks like they are not here to stop. The Chinese smartphone making company has partnered with influential financial institutions around India such as ICICI Bank, PayU and etc.
Xiaomi has started beta testing the Mi Pay digital payments platform here in India. The Mi Pay brings something new to the table which Google Pay couldn’t. The company claims that Mi Pay will also support all leading credit and debit card transactions along with UPI.
Xiaomi confirmed that they cleared National Payments Corporation of India (NCPI) and is now available to launch it in India. Mi-Pay will go against the likes of Google Pay, the latter also has support for paying your household and utility bills including DTH, WiFi recharges.
Interested users who wanna try the Mi Pay beta need to have a device running MIUI Global Beta ROM, users can sign up for Mi Pay beta until December 31.
Mi-Pay made a debut in China back in September 2016 with some of the common features such as built-in NFC support and etc. The Indian version of Mi Pay brings more to the table with VPA (virtual payment address) and of course, UPI which you can use to request or send money from other UPI users.
The company also said in a statement that, Mi-Pay will allow users to make payments by just scanning QR codes. Also, you can link or unlink your bank account at any moment with just a click and the users also get to modify or reset the UPI Pin for your bank account.
Xiaomi on their forum wrote, “Mi Pay’s biggest advantage is its deep integration within MIUI which makes transferring payments to contacts and vendors extremely easy. To begin with, Mi-Pay would be integrated within the Contacts, SMS, Scanner apps as well as App Vault in MIUI. All user-generated data will be kept in a highly encrypted format within the India-based cloud infrastructure,”
It’ll be great to see how Mi Pay fairs against the likes of Google Pay who has already captured half of the market.