Chinese smartphone maker Xiaomi, which currently dominates the smartphone market in India, has announced the Mi Pay payments through mobile phones in India. This made India the first country to receive Mi Pay services.
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The Chinese version of Mi Pay uses near field payment processing (NFC), but this isn’t the same case in India. Mi Pay in India manages payments through UPI (Unified Payment Interface), which can support payments based on credit and debit cards, Internet banking and QR codes. Mi Pay payment service platform is supported by ICICI Bank and PayU, in India.
The Mi Pay let users to make payments using UPI, debit cards, credit cards, and Internet Banking. Users will also be able to make payments for various utilities with Mi Pay such as phone bill/recharge, DTH recharge, water bill, electricity bill, with just one tap.
However, this service is currently in beta and will soon be available to beta users. The company does not announce when the stable version will be released. Anyone who is interested in Mi Pay in the beta phase can register here. But, you need to make sure you are using the MIUI Global Beta ROM.
According to the company, Mi Pay’s biggest advantage is its deep integration within company’s own MIUI which makes transferring payments to contacts and vendors remarkably easy.
It will be interesting to see how Xiaomi payment service survives in the Indian market as there are several online payment service providers available in India such as Google Pay, PhonePe and Paytm.
However, finding Mi-Pay users for Xiaomi is relatively easy, because now the company dominates the smartphone market in India and has millions of consumers.