Xiaomi’s mobile payment service called the Mi Pay hs now apparently become a reality in India, relatively early from the time of its official launch in China in 2016. The Mi Pay could go official to the public in India imminently as the app is in beta.
Xiaomi has stated that it has currently received the required approvals from the National Payments Corporation of India (NPCI), and the custom mobile payments platform would collaborate with PayU and ICICI bank. You could currently check out the Mi Pay if you have registered as a beta tester. If you are desirous of registering for the beta, click here.
At this juncture, it is worth noting that the Mi Pay has been approved by the NPCI for large group usage and it should support all your debit/credit cards when launched officially. The Mi Pay would work similar to all of the leading mobile payment applications and will support bill payments, ticket bookings, and other essential services.
If you are new to the mobile payments system, then check out a detailed guide on getting started with Xiaomi Mi Pay:
Here, once Mi Pay is launched officially to the wider public, existing mobile payment apps viz Google Play, and PayTM could face intense competition. Also, with Xiaomi’s smartphone user base relatively large in India; this could serve as icing on the cake for Mi Pay to find a comparatively wider user base. Post launch and release of the Mi Pay, it should only be a matter of time before the mobile payment (cashless) digital platforms witness saturation earlier than expected.