“Xiaomi has partnered with ICICI Bank and PayU payment gateway for the Mi Pay service in India”
After dominating India’s smartphone market, Xiaomi is now all set to compete in the country’s mobile payments segment. The company has been planning to release its Mi Pay mobile payment solution in India from the past few months. Now, the brand has just received clearance from the National Payments Corporation of India (NPCI) for the mobile payments service. Xiaomi’s Mi Pay mobile payment solution is now available in the country but only as a beta test.
Xiaomi has partnered with ICICI Bank and PayU payment gateway for the launch of Mi Pay in India. Just like other digital wallets, Mi Pay will also allow you to transfer money to others via UPI (Unified Payment Interface). Unlike rival mobile payment solutions like Google Pay or WhatsApp Payments, Mi Pay will allow users to make payments via debit cards, credit cards, and netbanking too. They can also make payments to vendors by scanning QR codes. Xiaomi mentions users will be able to pay your phone/ water/ electricity bills, and make mobile or DTH recharges.
Like other UPI-based apps, Mi Pay will let users check their balance, reset UPI pins for bank accounts, and send payment requests to others. Xiaomi has deeply integrated Mi Pay within MIUI to let you easily make payments to contacts and vendors. The service will be integrated within apps like the Contacts, SMS, Scanner, as well as App Vault. The brand says that all user-generated data in Mi Pay will be saved within India in a highly encrypted format. As of now, the beta version of Mi Pay is available for those using a MIUI Beta ROM on their devices.
If you are interested, you can sign up for the new Xiaomi payments service via the Mi Pay website here before December 31st. Once you are eligible for the beta testing, you can add a bank account to Mi Pay app. After opening the app, you can tap on the option to add a bank account, and after filling up the account details, you can verify it through SMS verification. As of now, the brand hasn’t revealed when the stable build of the service will be available to the public.