Xiaomi on Tuesday launched its Unified Payments Interface(UPI)-based payment system, MiPay in India. The app is already available in China and MiPay was first introduced in India last December in beta mode. MiPay will be available soon through Mi Apps store.
Payments for us is a core functionality within our operating system (OS) business,” Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India, told on LinkedIn,
Introducing MiPay – the easy way to pay! A one-stop solution to all your payment needs. With MiPay, you can seamlessly split bills, transfer funds and request money all at the tap of a button.
With MiPay you get:
1.Deep integration within MIUI.
2. Send money directly to bank accounts from the SMS, Contacts and Scanner apps.
3. Xiaomi also offers QR code option for transactions on MiPay.
3. Easily recharge your mobile plans and even pay your electricity, water and DTH bills!
4. Enjoy the convenience of paying through multiple options such as UPI, Debit Card, Credit Card and Net Banking.
5. Smart reminders for all your bill payments.
6. Secure servers – MiPay data is stored only in India in highly secure servers.
7. Approved by BHIM, NPCI and powered by ICICI Bank.
Xiaomi also said MiPay is secured with approvement from EY and LUCIDEUS. Mi Pay will also store all data in Indian servers.
In India, Xiaomi will be competing with top players like Google Pay, PhonePe, Paytm and PayPal.
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