The rise of Chinese smartphone maker, Xiaomi, in India is well-documented. From a new entrant to the No 1 smartphone maker by shipments, the growth has been phenomenal. Besides smartphones, the company is also offering accessories, IoT devices, bags and much more. In December last year, Xiaomi did show interest to foray in the mobile payments space, especially after tracking the digital payments space in India after demonetization.
Now, the company has finally introduced Mi Pay, a mobile payment solution backed by PayU and ICICI Bank (first reported by FoneArena). The National Payments Corporation of India (NPCI) has cleared Mi Pay to begin beta testing with large group of users. The payment solution will be integrated within the SMS, Contacts and Scanner apps, and also in the App Vault in MIUI. The solution will soon be available for all MIUI users after the testing is complete.
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How to sign up for Mi Pay beta
If you want to give the new Mi Pay service a try, you can do so by following a few simple steps. To begin with, you need to be on an MIUI Global Beta ROM. Next, you need to sign-up for the beta service before December 31, the Google form for the same is available on Xiaomi’s Mi Community here – in.c.mi.com/thread-1700986-1-0.html
Highlights of Mi Pay
Mi Pay will allow you to link your bank accounts to initiate funds transfers using UPI based virtual payment address (VPA) and UPI PIN. Besides peer-to-peer transfers, you will also be able to pay for goods and services at merchants that accept UPI payments. You will also be able to check your account balance, change and reset UPI PIN, scan QR codes using Bharat QR codes. You will also be able to manage your bank account from the Mi Pay app.
Additionally, Mi Pay will also support all leading credit and debit cards, something that WhatsApp and Google Pay don’t. You will also be able to make utility bill payments, electricity bills, DTH recharges and more. Xiaomi also mentioned that the entire user-generated data will be stored in highly encrypted format on India-based cloud infrastructure.