Xiaomi Challenges Paytm With Mi Pay, Their Payment App: Here Are Top 7 Features
Xiaomi's Mi Pay is an closed app, and only Xiaomi users can use it.
Finally, Xiaomi’s payment app: Mi Pay has arrived in India. Based on UPI platform, Mi Pay app is all set to challenge the likes of Paytm, Whatsapp Pay and PhonePe, which all use UPI as the backbone.
Besides, Xiaomi has announced a massive investment of Rs 3500 crore in India, which will be used to enhance their offline and online presence.
Mi Pay App Is Now In India
While launching their cheapest smartphone in India: Redmi Go, Xiaomi has also announced the launch of Mi Pay payments app.
As part of their special offer, Mi Pay users in India can win 100 Redmi Note 7, 50 Mi TVs, and all they need to do is use the app for making payments.
Mi Pay app was initially launched in China in 2016, and in India, they offered beta testing of the app since December last year. In February this year, Mi Pay app became a part of MIUI 10 Global Beta ROM, and now, the app is available for all to download.
Mi Pay App: 7 Interesting Features
- This a closed payments app, and only Xiaomi users can download it from the Mi Apps store.
- Being a closed app, only Xiaomi users can transfer money between each other, using Mi Pay app.
- For making any payment or transferring funds to any other merchant (movies, restaurants, grocery, petrol etc), Mi Pay app will use UPI’s platform.
- ICICI Bank will provide the financial backend of this app.
- Mi Pay will be deeply integrated with the MIUI interface, and this makes it super-interesting. Users can make the payment while accessing SMS, Contacts, App Vault, and Camera scanner apps and more, within their smartphone.
- Hence, users are not required to open the app everytime to make any payment
- Mi Pay has been approved by NPCI, and the data of this app will be stored within India. This has been clarified by Xiaomi.
It would be interesting to observe how Xiaomi fans respond to this latest payment app.
You can checkout the FAQs about Mi Pay right here.
Rs 3500 Crore Investment by Xiaomi In India
Meanwhile, Xiaomi has announced that they have already invested Rs 3500 crore in India, in 2019 alone. This has been the biggest investment till date by Xiaomi, in this country.
While Rs 1,500 crore was invested on January 17, Rs 2,000 crore was invested on March 1st.
This fresh round of funding was led by Xiaomi Singapore Pte Ltd, which owns 99.9% stake in Xiaomi’s Indian operations. The rest 0.01% is owned by Xiaomi HK Ltd, and they didn’t make any investment.
As per reports, this money will be used by Xiaomi to strengthen then offline retail and to better market their products such as purifiers, washing machines, laptops, refrigerators and other smart equipments.
We will keep you updated, as more details come in.