Being the second largest smartphone company in India, now Xiaomi is getting ready to take on the Indian digital payment space by introducing its very own service called Xiaomi Mi Pay. Launched back in 2016 in China, Mi Pay aims at eliminating the use of debit and credit cards while making purchases. Currently, the service is affiliated with about 20 banks in China and will soon be entering the Indian market to take on the likes of Paytm, Google Tez, PhonePe, PayU and many more.
According to a report from Business Line, Mi Pay will be adopting UPI services and is currently conducting trials and tests on it, while also waiting for an approval from RBI (Reserve Bank of India). Xiaomi has already started working with a leading private lender in India for system integration and is on the lookout to get more partners onboard once it receives the license from RBI.
Xiaomi is the second company from China to show interest in the digital payment industry in India, after Alibaba invested in Paytm. Not just that, the market is also getting attention from other companies from other countries. Warren Buffett run Berkshire Hathaway, recently invested about $350 million (approximately Rs 2,500 crore) in Paytm as well.
While some apps like Google TEZ and Phone Pe have said to be doing well in the market and are seeing plenty of growth, others like WhatsApp Payments are facing stagnancy. So, it will be interesting to see how well Xiaomi will be able to cope in the competitive industry. That said, the company still is India’s second largest smartphone company and might even be able to leverage it.
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Xiaomi hasn’t sent out any details on Mi Pay or a possible launch date for it, but it is expected to be unveiled soon. You can count on us to update you with the latest information the moment we get our hands on it.