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21st March 2019

Xiaomi launched it’s own UPI based MI Pay app to contend with Paytm, PhonePe, Mobikwik, Google Pay

Mi-Pay payments application has been propelled in India. Xiaomi at the Redmi Go dispatch occasion on Tuesday propelled the Unified Payments Interface (UPI) based payments application in the nation. The organization underscored it has consented to information localisation necessities, and the Mi Pay application has been endorsed by the National Payments Corporation of India (NPCI). ICICI Bank will work as the installment specialist co-op for the Mi Pay application. The administration permits payments by means of UPI as well as through charge cards, Visas, and Internet banking.

Xiaomi says the Mi Pay application will be accessible by means of the Mi Apps store soon, and that the structure will be profoundly coordinated inside MIUI throughout the following couple of weeks with the goal that clients won’t have to open the Mi Pay application to make payments.

Mi Pay application highlights

Mi-Pay has rather been coordinated inside the local SMS, Contacts, App Vault, and Camera scanner applications. Aside from cash exchange, the UPI-based Mi Pay application additionally underpins energizes and charge payments. These highlights coordinate those accessible from other major UPI-based payments applications in the nation, for example, Google Pay and PhonePe.

The Mi Pay UPI-based payments app will also be available as a payments option on Mi.com as well as the Mi Store app, Xiaomi announced at the Redmi Go launch event.

Mi Pay offers
In an effort to entice the consumers to use the Mi Pay app, Xiaomi is running a couple of promotions in the country. As a part of these promotions, the company will be giving out free TVs and phones to lucky Mi Pay users.

Mi-Pay app history
To recall, Mi-Pay was first launched in China back in 2016. Of course, the China version was not based on UPI framework. Reports of its entry into the Indian market first began emerging in August last year, with an RBI license approval reportedly being awaited at that point in time.

In December last year, Xiaomi announced it had begun beta testing of the Mi Pay app in India, and in February this year, the Mi Pay app became a part of the MIUI 10 Global Beta ROM. Of course, with the launch, Xiaomi is taking on established UPI-based payments apps in India, such as Google Pay and PhonePe. WhatsApp is of course also working on its own UPI-based payments system, WhatsApp Pay, which is already in testing in India.

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