Xiaomi has launched UPI based payment solution “Mi Pay” in association with ICICI Bank in India. MiPay will compete with existing player Google Pay or PayTm in this segment. Xiaomi has already announced that Mi Pay service will be an all-in-one payments solution for all Xiaomi devices running on its proprietary MIUI OS based on Android.
MiPay will compete directly with incumbents such as Paytm and Google Pay. The Mi Pay app will be available on Xiaomi devices that run on the Android based MIUI. Using Mi Pay, consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120-plus banks and over 120 billers.
Xiaomi is Claiming Mi Pay app to be a one-stop solution to all payment needs, the app allows users to make utility payments ranging from phone bills, phone recharge, water and electricity bills. All Mi Pay data will be stored only in India in highly secure servers. Mi Pay has been approved by NPCI under the multi-bank API model and audited by CERT-IN empanelled auditors E&Y and Lucideus.