Xiaomi had unveiled Mi Pay in China back in 2016. And finally, this Chinese tech giant has launched their NFC based mobile payment system in India. This service is launched in partnership with ICICI Bank and PayU. The National Payment Corporation Of India (NPCI) has cleared it for an Open Beta. This means now you can register for the Public Beta testing. The good news for MI smartphone users is that this would have deep integration with several MIUI apps like Contacts, SMS, Scanner apps as well as App Vault.
These days you have several online payment options like Google Pay ( previously Tez) and Whatsapp Pay but Mi Pay will also has additional support for Netbanking, Credit and Debit cards.
Xiaomi will also be able to leverage its huge market base for an initial boost to Mi-Pay adoption in India, but it still won’t be easy competing with established players like PhonePe, Amazon Pay, and Google Pay.
Where can you pay with Mi Pay in India?
Just as several other wallets, you will be able to use Mi Pay for money transfer through UPI (up to 1,00,000 INR per day), mobile bill payments and recharges, DTH recharges, Water and electricity bill payment. There is an option to pay by scanning QR codes, including the Bharat QR code, as well. As far as receiving payment is concerned, you could opt multiple options like self-generated personal static/dynamic QR codes.
Users will also be able to avail other standard UPI related benefits like checking their bank balance, changing UPI PIN, etc.
Furthermore, you don’t have to panic for your privacy or doubtful of your data security as they would be safely encrypted in the cloud.
How to register for Mi Pay Open Beta in India
Currently, Mi Pay open beta is only available for Mi Global Beta ROM users. If you are one, you can register for the beta program before 31 December 2018 by registering here.
You can then open Mi Pay app (available on Global Beta ROM) and if your registration is accepted, you will be able to add bank account information.
So, are you excited for this new addition to the MI product range? Let us know in the comments about your experience with the MI ecosystem.