Xiaomi is going to integrate its upcoming UPI based payment app Mi Pay soon in India. Currently, it’s submitted for the approval from RBI. ICICI bank will function as the payment processing bank for this app. Mi Payment app was launched in China in 2016, roughly three years back but that was not on the UPI network. Xiaomi has changed the things and all the tweaks are completed in order to launch the UPI based Mi Pay app in India.
It’s really a tough question that how Xiaomi will market the app because Google Pay and PhonePay have already taken the lion portion of UPI transactions happened in India because they offer occasional cashback facility.
Moreover, in order to comply with the RBI guidelines a payment processing app must have data localization facility that means, all the users’ details should be kept in the country, not in a server that situated outside the country. Right now, the app is submitted for the consideration to National Payments Council of India (NPCI) and RBI. Maybe, within a few months. it will be released officially.
Xiaomi will be going to offer some special cash back if you buy an MI device using the app. Apart from money transfer, users can get recharges done via it. Xiaomi is in the process to make it better in the near future where users need not open the app in order to do the transactions.
With MIUI global stable release, this app may be released alongside. Stay tuned for more updates on it.