People who are thinking that the digital payment sector in India has saturated might get another shock as the famous smartphone manufacturer Xiaomi has finally made its foray into digital payments with its Mi Pay application. Earlier we were listening about Xiaomi’s plans to enter the digital payments sector, and now it seems that the Chinese company has actually materialised these plans and is ready to provide payment services to the users via UPI. The company has also obtained clearance from the National Payments Corporation of India (NPCI), the authority which oversees the digital payments in India. Xiaomi has also launched it Mi Pay app in the country. However, it is only available for beta users right now.
Mi Pay to Use UPI, Netbanking, Debit and Credit Cards
To roll out the Mi Pay application in India, Xiaomi has partnered up with ICICI Bank and PayU payment gateway to provide its services. Similar to other payment applications in the market like PayTm, Google Pay and WhatsApp Payments, Mi Pay will also allow the users to carry out transactions via UPI. However, one feature which will set apart the Mi Pay application from all the other applications is the additional support for transactions through net banking, debit cards and credit cards. Similar to Paytm users, users of Mi Pay will be able to make payments by scanning QR codes. Further, Xiaomi has asserted that Mi Pay will also allow users to make payments for DTH, mobile recharge, water or electricity bills.
Similar to other UPI based payment methods, the application will allow the users to check their balance, reset UPI pins for bank accounts, and send payment requests to others. Xiaomi has integrated the payment services well with its MIUI as well. As such, the users of MIUI will be easily able to make payments to their contacts or vendors. The service will also be integrated into Contacts, SMS, Scanner, and App Vault within the MIUI. Xiaomi has answered questions about security as well and has committed that the data of the users generated through Mi Pay will be stored within India in a highly encrypted format. Apart from that, the Mi Pay Beta version of the app has also been made available to MIUI Beta ROM users.
MIUI Users Can Register for Mi Pay Before Year End
Xiaomi has also opened its website for the new payments services, where users will be able to sign up for Mi Pay before December 31. After ensuring eligibility for the Beta version of the Mi Pay app, users will be able to add their bank accounts. On opening the application, users can tap on the option to add a bank account which will be verified by the SMS verification process like it is with other UPI apps. As for the other users who are not using MIUI, there has been no hint as to when Xiaomi will release the stable build of the application.