The official payments app of Mi known as the Mi Payments app has made its debut in India. At the Redmi Go launch event, the company also launched a payments app based on Unified Payments Interface (UPI) in India. The company highlighted the fact that the app contains all the data localisation requirements and the Mi Payments app is approved by the National Payments Council of India (NPCI). ICICI Bank is going to function as the service provider for Mi Pay app.
Xiaomi has mentioned that their payments app will be available on the Mi App store and the structure of the app will be deeply in accordance with the MIUI OS so that the users will need to open the Mi Payments app every time they make a payment from their smartphone.
The Mi Payments app is added within the SMS, App Vault, Contacts and the camera scanner app. The Mi Pay app also supports recharges and bill payments apart from money transfer. These features of the Mi Pay app are similar to the most used UPI-based payment apps like PhonePe and Google Pay. The UPI-based payments app of Mi will be available on the Mi store app and its official website Mi.com, the app was introduced in the Redmi Go launch event.
Previously, The Mi Pay app was first introduced in China in the year 2016. Obviously, the Chinese version of the app was not working on the UPI pattern. According to the reports, the Mi Payments app was going to hit the Indian market in August 2018 but because of the delay in license approval by RBI, it took so long to launch the app.
In December 2018, Xiaomi declared that they are working on a payments app which will be released in India and the beta testing of the app has already started. In February, the Mi Pay app became a part of the MIUI 10 Global Beta ROM. The payments app of Xiaomi is going to compete with the previously established apps in India like PhonePe and Google Pay.
As per the reports, social media platform, WhatsApp is also going to introduce its own UPI-based payments system which will be known as WhatsApp Pay. The app is said to be already in the testing stage in India.