Xiaomi announced the Mi Pay digital payments platform beta testing in India. The Mi is a Beijing-headquartered company tied up with PayU and ICICI Bank to offer the services in India. The company partnered with China UnionPay to offer NFC-based payments service. The Google Pay inspired the number one smartphone company in India, Xiaomi to launch Mi Pay. Unlike Google Pay UPI system, Xiaomi is going to use the UPI, net banking, credit cards and debit cards to send/receive payments.
Beta testing participation requires the users to be on the MIUI Global Beta ROM. The company allowed the users until December 31 to participate in the program. On 20th, Wednesday, December, Xiaomi revealed that National Payments Corporation of India (NPCI) granted the organization to start the operation with the beta testing in a large group.
Xiaomi Mi Pay designed to work with the latest MIUI integrated with Mi smartphones. The service adds stability, performance, and security. Everyone knows that Google Pay is the direct competitor of the Mi Pay.
Why is Mi Pay Model Different in India?
Originally, the Chinese company launched the Mi Pay model in September 2016 to send & receive payment via built-in NFC feature. However, the organization decided to go with the trend created by Google Pay. The application service is going to utilize the virtual payments address (VPA) & UPI Pin to transfer funds or receive the funds.
Leading smartphone brand top executives required piles of analytical data and structure on how Indians interact & make payments online. The organization took one-step forward by investing in Indian-based companies in exchange for data.
Ultimately, the Mi Pay model invented from the information shared by the student credit platform KrazyBee in October. The Fintech funded company ZestMoney secured one round of investment from Xiaomi India this year.
Fortunately, the Xiaomi Mi Pay beta testing will improve the service and the stable version rolls in the next major update. If you are interested, you can join the beta testers by filling this form.