The National Payments Corporation of India (NPCI) has given clearance to Xiaomi to launch its Mi-Pay service in India. The service will soon be available for all MIUI users. Mi-Pay will support all leading debit and credit cards.
India is one of the biggest online and digital payments market today. India has 4 crore credit card and 95 crore debit card holders in 2018. Also, in December 2018, transactions worth Rs 1-lakh-crore were made using UPI in India.
Xiaomi is currently India’s second largest smartphone seller. Xiaomi has partnered with ICICI Bank and PayU for this service.
Mi-Pay can be used to make utility payments such as such as phone bill, phone recharge, DTH recharge, electricity bill, and water bill. Mi-Pay will allow you to make payments using Internet Banking, UPI, debit cards, and credit cards.
Mi-Pay will compete with GooglePay (previously called GoogleTez), PhonePe, and Paytm. Xiaomi previously launched Mi-Pay in China in 2016 in association with UnionPay.