Xiaomi Tuesday launched Mi Pay, its very own Unified Payments Interface (UPI) based payments service in India. The app is already available in China and was first introduced in India last December in beta mode.
The app however, will face stiff competition from already established players like Paytm, PhonePe, Mobikwik and Google Pay which are also UPI based in the Indian market.
Muralikrishnan B, Chief Operating Officer (COO), Xiaomi India launched Mi Pay during the launch event for the Redmi Go smartphone in the country. The COO said that the mantra behind developing this app was "Simple, Convenient and Secure".
Users will be able to make payments on this app in the similar fashion as on Paytm and other UPI based payment apps but they will only be able to pay other users who use Mi Pay app.
They can also make payments against electricity, telephone and gas bills as well as recharge their prepaid phone connections. The payments also enabled for QR code scans.
Users who use Mi Pay app can also split bills with friends within the app itself.
The app will only work with Xiaomi phones that run on MIUI for now but will also be available as a standalone application to users soon.
Mi Pay's integration with MIUI means that the consumers can get access to app's features through contacts, camera and SMS app or any other native MIUI app. Xiaomi has not yet commented on whether the app will be available for Android or iOS powered phone or not.
The Chinese electronics company partnered with National Payments Corporation of India (NPCI) who approved it and ICICI Bank to launch the app in India.
The bank will be the payment service provider for the Mi Pay app. The service will not only allow payments via UPI but also through debit cards, credit cards, and internet banking.
According to Xiaomi, the data will be stored on Indian servers and not on the ones in China. To boost Mi Pay app's downloads, the company is offering attractive deals to its users. People who use the app after its launch will get a chance to win 100 Redmi Note 7 units and 50 Mi LED TV 4A PRO 32.
There were reports back in 2018 that the Mi Pay app was awaiting RBI license approval, however its Beta testing began in December 2018.