Xiaomi Mi Pay: 10 Interesting Facts You Should Know About This Payment Service!
UPI based Xiaomi Mi Pay is expected to launch soon in India.
After reckoning the Indian smartphone market, Xiaomi is now all set to enter different segments of the Indian market. Last year the company gave out a brief on its upcoming plans in India, and Xiaomi Payments Bank is a part of it.
The Xiaomi Mi Pay payments service is in its last development stage, and the Chinese company will soon be foraying into the growing Indian fintech market.
Since the demonetization, the Indian digital payments market has seen a major boom in digital transactions, mainly via wallets and UPI-based payments handle. The Mi Pay digital payments will soon join the bandwagon, awaiting its final RBI approval for an imminent launch.
Xiaomi Mi Pay: 10 Things You Need To Know | Xiaomi Payments Service
The Xiaomi Mi Pay service is already in its beta testing stage, and the company is continuously conducting trials and testing for a full roll-out.
Xiaomi has reportedly tied up with a leading Indian private bank to support its upcoming payments service. Mi Pay was first launched in China in 2016, and in India, the company will be bringing the same version relevant to India’s payments solutions and services.
NFC Based Payments
Apart from QR codes and UPI, the Mi Pay will support NFC as well. Like Samsung Pay, you just need to tap your Xiaomi device (though, most Xiaomi devices in India don’t have NFC) at the POS for a touchless payment.
In India, Mi Pay will mainly integrate with Unified Payments Interface or UPI. You can directly link your UPI account with Xiaomi Mi Pay to enable your account. It will work the same way as Paytm, WhatsApp, BHIM, PhonePe and Google Pay (Google Tez).
Mi Credit Facility
Xiaomi Mi Pay users will also get an option of add-on Mi Credit facility. Google on Tuesday announced a similar instant loan feature with its Google Pay payments service. Xiaomi launched Mi Credit in India in May to offer instant loans between Rs 1,000 and 1 lakh.
In association with Krazybee, Xiaomi will offer loans via Kreditbee through its upcoming Mi Pay platform. The loan facility will probably remain exclusive to MIUI users, which will be delivered to the customers quickly and conveniently via Zest Money.
You need to do your KYC to be eligible for a loan via Mi Credit and Mi Pay service. The company will check your credit score, and after all the required KYC verification, you will be able to get your Mi Credit or Mi Loan.
Only For Xiaomi Users
Mi Pay digital payments service is expected to remain exclusive to Xiaomi and MIUI users only. Like Samsung Pay and Apple Pay, the Mi Pay will only be available with Mi and Redmi phones of Xiaomi.
Payment Gateway & POS
You can also use your Mi Pay service to pay for services at Point-of-Sale (POS) desks via QR codes, and also online via Payment Gateways. Xiaomi Mi Pay service will tie-up with leading partners for a wide availability.
User Data Storage Issues
As per the new RBI rules, digital payments service providers have to save user data in the country only. WhatsApp Payments is stuck due to a similar issue. Xiaomi has its own office here in India, so Mi Pay service will not probably face any delay.
India already has Paytm, MobiKwik, Freecharge, BHIM, PhonePe, PayPal Google Pay, SBI eBuddy, Amazon Pay, JioMoney and many more. Xiaomi has a wide user base, but still it will face a tough competition from some of these already established payments services.
The Xiaomi Mi Pay service is expected to launch by the end of this year, or early 2019.