With FinTech being a booming industry, Xiaomi has finally entered the same market in India. Although Xiaomi had launched its payments gateway, Mi Pay, in China in 2016, the company was a little wary about launching the same in India. This is why they started with beta testing to see how Indian consumers would react to their platform. Suffice it to say, Xiaomi has seen positive results and feedback, which is why they are now officially launching Mi Pay in India at its full capacity.
Mi Pay runs with UPI payments, which is the latest FinTech offering from NCPI that has been approved by the RBI. UPI payments are not a new thing in India and there are multiple platforms like Paytm, BHIM, Razorpay and more that offer the same. This payment mode is extremely popular as consumers can just link their bank account to their payment app and transfer money as and when they need. They do not have to go through a third party vendor in order to facilitate these payments. With more and more consumers using digital apps to transfer money, UPI payments are definitely the need of the hour in India.
Xiaomi’s Mi Pay clearly taps into this need. It is integrated with more than 120 banks across India, which makes it easier for more consumers to adopt it. The app is well integrated with MIUI and will offer ease of peer to peer payments through various modes like SMS, scanners, and contacts. As of now, this payments gateway is focusing on helping consumers pay for common amenities such as gas, electricity, and internet. Already, a few leading providers like Hathaway, Asianet, and Nextra Broadband are already integrated with Mi Pay, which should make it easier for people to transfer funds to pay their bills.