Xiaomi Mi Pay to launch soon-
According to a report, Xiaomi is about to unveil its own UPI based digital payment app in India, named Xiaomi Mi Pay. The Mi Pay is currently running in China, which was launched back in the year 2016. Report says that the app is currently waiting for the approval of licence by the Reserve Bank of India (RBI) and after getting a green signal from the government agency, Mi Pay app will take on the already settled service providers in the Indian market like the popular private service providers like PayTm, PhonePe, Whatsapp Payments, Google Pay which is refreshed version of Google Tez and also the government’s BHIM digital payment service.
Talking about the Xiaomi Mi Pay services, as mentioned earlier, it was first introduced in China in 2016, providing digital payment transaction based powered by NFC. Mi Pay services also supported the debit and credit cards from more than a dozen banks in China, including the Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank and many others. Not only this, Xiaomi partnered with China UnionPay to make the digital payment services available in the China market.
Xiaomi is planning to introduce the new UPI based payment services in the Indian market. Xiaomi has already in the private lenders in India like KrazyBee last year, and recently funded ZestMoney for the same and in future, after getting a green signal from the RBI, the Chinese tech giant will announce funding for more private lenders.
It will be interesting to see, how Xiaomi will manage to gather the users for its UPI based digital payment services, even the Indian market is already acquired by the popular private lenders like PayTm, and also Google Pay services which is introduced by the US tech giant Google, in the Google For India event, which not only inherits the Google Tez features, but comes with new features too.