Xiaomi Mi Pay UPI service may launch soon in India to compete with Google Pay and WhatsApp
Xiaomi is one of the top smartphone brands in India. They sell many different smartphones at low prices which is why the company has become so popular in India. Just recently, they launched yet another flagship device, Xiaomi Poco F1, but this time they’re offering the product at a mid-range price. According to a report from BusinessLine, Xiaomi is going to launch their UPI service called Mi Pay in India.
BusinessLine reports that the company has already finished testing its UPI service and they’re now waiting for approval by the Reserve Bank of India. Xiaomi declined to confirm the news when BusinessLine inquired. Xiaomi Mi Pay was originally launched in China back in 2016 as a contactless payment system. In India, the Xiaomi Mi Pay UPI service will compete with Google Pay (formerly Google Tez), WhatsApp, PayU and other big players.
As a reminder, Unified Payments Interface (UPI) is a unique identifier that banks use for transferring money or making payments on your account. It eliminates the need to have a credit or debit card while remaining easy to use. All you need is a UPI-enabled bank and identifier such as a phone number or a virtual address. Making payments from your mobile with UPI is much easier than using other kinds of digital wallets.
For the last few years, India has been one of the fastest growing markets in the world in both mobile technology and payments. Xiaomi definitely sees an opportunity to bring their service to Indian users. We’ll keep you updated on any news regarding the service’s launch in India.