Alongside the Redmi Go, Xiaomi also formally launched its Mi Pay payments app in India. Based on the Unified Payments Interface (UPI), the app takes on other similar apps like Google Pay and PhonePe. Xiaomi says that it has complied with data localisation requirements, and that the Mi Pay app has been approved by the National Payments Corporation of India (NPCI).
Besides facilitating standard UPI transactions, Mi Pay will also allow users to pay utility bills using credit or debit cards. Currently, Xiaomi says that it supports 120+ billers and 120 national and regional banks in India, which seems like a good start. It is an easy way for users in most towns and cities of India to pay bills for water, electricity, telcos and cooking gas.
To recall, the app was first launched in China back in 2016. Of course, the China version was not based on UPI framework. Reports of its entry into the Indian market first began emerging in August last year, with an RBI licence approval reportedly being awaited at that point in time.
In December last year, Xiaomi announced it had begun beta testing of the Mi Pay app in India, and in February this year, the Mi Pay app became a part of the MIUI 10 Global Beta ROM. WhatsApp is of course also working on its own UPI-based payments system, WhatsApp Pay, which is already in testing in India.