Xiaomi has announced its new Mi Pay mobile payment solution in India that has been supported by PayU and ICICI Bank. Xiaomi has started registering for beta testing as National Payments Corporation of India (NPCI) has cleared Mi-Pay that can be used for large groups. Xiaomi says that Mi Pay would be integrated with the SMS, Contacts, Scanner apps along with App Vault in MIUI that will be available for all MIUI users.
The company also added at the launch that Mi Pay would support all leading credit cards as well as debit cards, unlike WhatsApp Payments and Google Pay. Mi-Pay will allow users to easily transfer money to others via UPI and make payments for many other utilities like recharge/phone bill, water bill, electricity bill, DTH recharge and more. Mi Pay will keep all user-generated data in a highly encrypted format within the India-based cloud infrastructure.
Mi Pay Highlights
- It lets you link or unlink your bank accounts to Mi Pay to facilitate transactions using the UPI PIN and the virtual payment address (VPA).
- It helps users Transfer money to other UPI users, collect money from other UPI users, request and pay for goods or services that accept UPI payments, via bank account.
- It can let users modify or reset the UPI PIN for your bank account.
- Mi Pay will allow users to check the balance of your bank account.
- One can pay by scanning QR codes, including Bharat QR codes.
- One can also generate a personal static/dynamic QR code for receiving payment from other UPI users.
- It lets users manage the bank account.