Xiaomi Adds Gold Trading Option To Mi Pay In India

Mi Pay has added a gold trading option in India to allow customers buy and sell gold within correct-time. Besides smartphones, Xiaomi is also known for its services as well as ecosystem products. And, one of them is the MI Pay. This service is available in many areas where the company has its presence. So, users in India will be able to trade gold in the Mi Pay app with the latest update.

After purchasing, customers will get the option of storing gold in a vault operated by an MI partner or it will be delivered to doorstep. Xiaomi has partnered with gold investment startup SafeGold to activate the new feature in the MI app, which debuted as a beta in December 2018.

With the latest option, MI Pay has become a closer competitor to Google Pay, Paytm, and PhonePay all including gold buying or selling options.

To enable gold buying and selling, the MyPay app has added a purposeful option. Customers have the option to safely store their 24 Karat gold with vaulting firm Brink's India. Alternatively, the application allows the supply of purchased gold.

Apart from this activating the gold business, the MI Pay app also provides a way to track existing gold balances. Customers can also exchange their gold for jewellery using Mi Pay's partner jewellers.

The new development follows the ability to book flights and train tickets using the MyPay app. It also provides life insurance and lets you create your credit report.

Competitive step, but wrong time

As Google Pay, Paytm, and PhonePe already have the gold trading option, Xiaomi's step with the Mi Pay seems competitive. However, the timing of the announcement is not interesting as people are scared and unwilling to make any big purchases due to the coronavirus pandemic.

Lockdowns across the country have also made it impossible for potential buyers to deliver physical gold to their doorsteps as courier services are not allowed to place any orders.