Xiaomi’s Mi Pay mobile payment solution launches in India
Xiaomi is one of the largest smartphone companies in India, with many different successful phones being sold in the budget sector. The company has been making moves as of late to gain even more market share in Europe, but they haven’t forgotten about India. They just launched their new Unified Payments Interface (UPI) service, Mi Pay, and it integrates seamlessly into MIUI. It is currently supported by ICICI Bank and PayU.
Mi Pay launched in 2016 in China, where it used NFC to make contactless payments. We’ve known since August that the company planned to launch Mi Pay in India as a competitor to the likes of Google Pay (formerly Tez) and WhatsApp.
The UPI is a unique identifier that banks use for transferring money or making payments on your account. It eliminates the need to have a credit or debit card while remaining easy to use. All you need is a UPI-enabled bank and identifier such as a phone number or a virtual address.
Making payments from your mobile phone with UPI is much easier than using other kinds of digital wallets. Xiaomi says that Mi Pay will be available on all of their phones, so long as you are on the latest MIUI Global Beta.
You do need to apply for the beta to get access, which you can do so here. Mi Pay in India will allow you to make payments for various utilities such as phone bill/recharge, DTH recharge, water bill, and your electricity bill.
Mi Pay’s biggest advantage over other UPI payment providers is that it integrates into MIUI. It’s integrated into your contacts, SMS, scanner apps, and even the App Vault in MIUI. Xiaomi assures users that all data created for use with Mi Pay is stored encrypted within an India-based cloud infrastructure. It is unknown when Mi Pay will be out of its testing phase, as the beta is designed to pick out any glaring issues with the service before it’s rolled out to everyone.