Xiaomi has rolled out its own UPI payment solution app, Mi Pay, for its users in India, enabling them to send money to any UPI address and bank account in the country.
Mi Pay is primarily a UPI-based application, integrated within Xiaomi’s MIUI interface across SMS, Contacts, Scanner, App Vault, and Settings. ICICI Bank is the payment service provider for Mi Pay. Xiaomi users can make payments using UPI and other debit cards, credit cards and internet banking across 120+ banks and over 120 billers, the company said in a statement.
The service will also allow several utility payments ranging from phone bills and mobile recharges, as well as water and electricity bill payments, etc.
The company also said that Mi Pay provides secure transactions with all data stored locally in servers located in India, in an encrypted format. It added that Mi Pay UPI has been approved by the National Payments Council of India (NPCI) under the multi-bank API model and has been audited by CERT-IN auditors EY and Lucideus.
Xiaomi has a the largest (28 percent) share of the smartphone market in the country, which is also the second largest smartphone market (430 million smartphone users), according to a Counterpoint Research. Xiaomi also recorded its highest ever shipments in India during 2018.
This isn't the first time that an OEM is launching their own payment service. MiPay competes with Samsung Pay, which was launched in March 2017. Apple Pay, however, has reportedly shelved its plans to come to India after facing regulatory challenges relating to the data storage norms in India. Global companies in this space include Google Pay and Truecaller Pay, which have been rapidly expanding their presence in India.
(With inputs from Tarush Bhalla)
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