Xiaomi, the Chinese brand, has already conquered the market of electronics and is now moving forward to conquer the world of digital payment with Mi-Pay, expecting to give stiff competition to Google Pay and Paytm.
The Mi-Pay already exists in China, in collaboration with UnionPay. The company set foot in India with tie ups with ICICI Bank and PayU. Xiaomi has already launched a beta testing platform in India, garnering the attention of millions of users. In an official platform on Wednesday, Xiaomi revealed that National Payments Corporation of India has cleared Mi-Pay for large group usage. To participate in the ongoing Beta testing of Mi-Pay, one needs to be a on an MIUI Global Beta ROM. If the condition is satisfied, then one is eligible to sign up for the testing till the 31st of December.
Unlike the original Mi Pay launched first in China, the Mi Pay in India allows transactions using UPI PIN and VPA, also allowing money transfers through the same, using one’s bank account. One can also link and unlink his bank account and check the current balance in the account through Mi-Pay. Xiaomi plans the app to be integrated into contacts, SMS, Scanner and App Vault within the MIUI. Regarding security, the company mentioned that all the data of the users will be stored in an India based cloud system in a highly encrypted form. Do you wish to sign up for the Mi-Pay beta test? Click here!