Xiaomi’s presence in India is quite substantial. Be it the top sales in the smartphones market, fitness bands like Mi Bands, Smart TVs, Smart Home Kits, and Lifestyle accessories and what not. And, today Mi has brought its digital payments system as well – called Mi Pay to India. While earlier mentioned products kept the Xiaomi’s growth significant in India, let us see what the new software-based Mi Pay brings to the consumers.
First, of, Xiaomi has already launched Mi-Pay in its hometown in collaboration with UnionPay. The company has brought the very digital payments solution to India in partnership with ICICI Banks and PayU. The National Payments Corporation of India (a.k.a NPCI) has approved Mi Pay for massive group release, henceforth, Xiaomi has deployed the beta testing process for its consumers.
Xiaomi’s approach with Mi-Pay in India appears to be exciting since we already have a plethora of digital payment platforms like Paytm, WhatsApp and Google Pay, for instance. Unlike, these services Xiaomi states that the Mi Pay would be exclusive to MIUI devices. This is because it integrates within the MIUI OS with Contacts, SMS, Scanner apps alongside the App Vault as well. The company also assures all the user-generated data during the transfer of payments to contacts and vendors will certainly be put in a highly encrypted format. This encrypted data is further stored in India-based cloud infrastructure, claims the company.
Within the Mi-Pay app, users can add or remove their respective bank accounts with a simple SMS configuration. The digital payment app also supports all the existing standard credit cards and debit cards. Similar to other conventional digital payment apps of the country, users can also use Mi-Pay to manage multiple utility services that include – Phone bill/recharges, DTH recharges, water and electricity bill payments.
Users who are interested in testing out the Mi Pay ought to be using the MIUI Global Beta ROM on their Mi devices. The registrations for testers close by 31st of December, interested enthusiasts can – apply here. As stated, Xiaomi surely has a vast consumer base in the country as for the usage of their smartphones. Adding Mi Pay digital payments to that consumer base integrated into their smartphone would most likely be an added benefit, despite the existing digital payment services. The official launch of the Mi Pay service is yet to be known. Stay tuned to PhoneRadar for more updates!