Xiaomi, the Chinese smartphone maker, is said to be on the verge of launching Mi Pay- its digital payments service in India. The electronics major is currently awaiting approval from India’s RBI following which it is expected to launch the UPI-based digital payments service on a large scale, according to reports.
Xiaomi is reported to have already conducted trials and testing of its UPI-based digital payments service in the country, according to a Hindu BusinessLine report. The report further clarifies that Xiaomi has partnered with a leading private bank in the country for system integration and is on the lookout for additional players once it receives the nod from India’s central bank.
Alibaba-backed Paytm currently dominates the Indian digital payments landscape with its wallet and UPI-based service. Accompanying Paytm are other players such as Flipkart’s PhonePe, PayU, Google Pay (formerly Tez), WhatsApp payments (still awaiting approval).
While Xiaomi’s Mi Pay launched in 2016 in China in partnership with UnionPay, it relies on contactless payments (NFC) through debit cards. In India, however, Xiaomi’s Mi Pay digital payment will be UPI-based, the report added.
In comparison, WhatsApp Payments feature is supported by major banks in India including ICICI Bank, HDFC Bank, and Axis Bank while support for State Bank of India users will be added soon. UPI is a system through which an Indian user can send or receive money across 30 banks with the help of a smartphone.