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Xiaomi is one of the leading smartphone brands in India right now with a wide range of products from entry-level to premium smartphones, accessories and smart devices. After being successful in these categories, the company appears to be eying to take on the digital payment market space in the country with its own payment service.
Xiaomi Mi Pay, the payment service was launched in 2016 in the company's home market China. It aims at eliminating the use of both debit and credit cards to make purchases. As of now, the service is affiliated with nearly 20 banks in the country.
Xiaomi Mi Pay coming soon to India
Going by a recent Business Line report, the Mi Pay service will be launched soon in India to take on other digital payment services such as Google Tez, PayU, PhonePe, Paytm and more. The report adds that the Xiaomi Mi Pay will use UPI services. It is said to be under testing and waiting for an approval from RBI. It is believed that the service could be launched in India by the end of this year or early 2019.
The report goes on stating that the company is in works with a leading private lender in the country and is looking forward to rope in more partners as soon as it receives a green signal from RBI.
Given that the service is all set to be rolled out soon, we have come up with the features that will be introduced by the Mi Pay for the interested users.
Besides being a UPI payment service, the Mi Pay will support NFC. Similar to Samsung Pay, users need to just tap on the Xiaomi device at a POS to make a touchless payment. However, the downside is that most Xiaomi devices in the country lack the NFC support. We can expect the future devices, especially the high-end models to feature the NFC support to use this feature of Mi Pay.
Mi Credit facility
The Mi Pay users might get the Mi Credit add-on facility. Basically, this one will let the Xiaomi users gain access to instant loans from Rs. 1,000 to Rs. 1 lakh. Back in May 2018, the company introduced this service in India to provide financial lending to its consumers. Xiaomi Mi Credit service has been announced in partnership with KreditBee, an instant personal loan platform. Only MIUI users are eligible to avail financial lending and the KYC verification should be completed.
Latest RBI rule
Recently, RBI came up with a new rule. According to the same, the digital payment services in the country have to save the user data in the country itself. Eventually, WhatsApp Payments faced an issue that delayed its widespread rollout. Given that Xiaomi has its office in the country, we can expect the Mi Pay service to be introduced without any delay for this reason.