With a promise to make payments more simple, Xiaomi launched its beta version of Mi Pay for the Indian Market. Xiaomi claims to free you from fraud risk by taking away the friction when you are being paid. They remove limits on when, where and how your customers can pay you. They manage all this complexity for you with security.
Taking a dig on Google Pay, Xiaomi’s Mi Pay supports payments via leading credit and debit cards, internet banking, and UPI in India. The latter means that QR payments are also supported, so you don’t need an NFC-enabled phone to make/receive payments. Xiaomi also said that the app, Mi Pay, can be used to make payments using Unified Payments Interface, debit cards, credit cards and internet banking. Users will also be able to make bill payments for utilities and services such as phone/DTH recharge, among others, according to the blogpost.
“We are delighted to announce that we are inviting beta testers for our latest Internet service, Mi Pay, a revolutionary payment service platform that is supported by ICICI Bank and PayU, in India,” the company said on its forum.
The service is still in beta access, and you’ll need to be on a MIUI Global beta ROM in order to actually use it. Xiaomi adds that the feature will be available in the settings menu, contacts app, scanner utility, and SMS app. Mi Pay will be competing headon with the already established PayTM and Google Pay services in India. Mi Pay will thus need to deliver in a big way if it hopes to become a contender. But with millions of Xiaomi phones in the country, it certainly has a good chance of finding an audience.