Xiaomi has launched its own UPI-based (Unified Payments Interface) payments platform called Mi Pay in India. The company announced the service before it launched its cheapest Android smartphone, the Redmi Go.
The app complies with the data localisation requirements, and to bolster its claims about the app's safety, the Mi Pay app has been approved by the National Payments Council of India (NPCI) .
Further to this, the app has also been ratified by cyber security consulting firms EY and Lucideus. The company has also said that all the data on Mi Pay app will be stored in India.
Xiaomi also announced that ICICI Bank will function as the payment service provider for the Mi Pay app.
The Mi Pay app stands in direct competition against Paytm, Google Pay, BHIM and even WhatsApp’s integrated payments platform.
The company has said that the app will be available on Xiaomi’s app store. It will soon be integrated within MIUI so that users won’t have to separately open the Mi Pay app to make payments.
With the app users will be able to make payments to other Mi Pay app users, or will be able to transfer the money via UPI ID and bank accounts. Xiaomi will also offer QR code payments as an option.
Similar to many other digital payment applications, Mi Pay will also offer payment options for different utility services such as mobile, water, electricity, gas, DTH, landline and broadband bills.
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