comscore Xiaomi Mi Pay based on UPI arrives in India alongside Redmi Go; to take on Google Pay, PhonePe | BGR India

Xiaomi Mi Pay based on UPI arrives in India alongside Redmi Go; to take on Google Pay, PhonePe

Xiaomi Mi Pay is a digital payments solution based on UPI and approved by NPCI.

  • Published: March 19, 2019 2:28 PM IST
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Xiaomi Mi Pay is now officially available in India. The digital payment solution built on top of Unified Payments Interface (UPI) was announced today at company’s event where it introduced its first Android Go smartphone called the Redmi Go. With Mi Pay, Xiaomi is entering the digital payments ecosystem which has exploded similar to the smartphone market in the past few months. The Mi Pay was first introduced in India in the form of beta late last year, and is now exiting beta to become officially available to Mi users in the country.

The announcement comes after the company introduced Mi Pay 2.0 as part of its MIUI 10 Global beta ROM last month. At the launch, Muralikrishnan, COO of Xiaomi’s India operations, said that the company is introducing digital payments solution beyond China for the first time with the Mi Pay launch here. “Xiaomi has huge opportunity in digital payment space,” Muralikrishnan said while announcing the service. The Chinese smartphone maker announced that Mi Pay has been approved by NPCI, and it is certified by both EY and Lucideus.

Xiaomi also announced support for government’s data localization plans and Muralikrishnan said that all data will be stored locally in India. The company is complying with local norms even before the service reaches a critical user base, showing its commitment to the market and possible growth. More than 50 percent of smartphone users are expected to use digital payments for all kind of payment needs in the next few years. Xiaomi being the leader in the smartphone market is perfectly poised to attack the market.

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Xiaomi Mi Pay supports more than 120 banks and is deeply integrated with company’s MIUI, which is the layer on top of Android on majority of its smartphones. Xiaomi smartphone users will be able to make payments via messages, contacts and other applications using the deep integration. Otherwise, the interface of the app seems identical to that of Paytm and borrows some design element from Google Pay as well. Xiaomi is offering over 100 Redmi Note 7 and over 50 Mi LED TV 4A Pro to lucky users who sign up for the service and start making payments.

  • Published Date: March 19, 2019 2:28 PM IST

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