Xiaomi is investing a lot onIndia as we have seen from the numbers of this year that have received a surge following the release of the low cost flagship killer Pocophone F1. The investments of Xiaomi in this country however, they did not only concern the development of this device, but also the payments wing: in fact, today it had the via beta testing in India his digital payments platform called Mi Pay .
Mi Pay: beta testing in India
The Chinese company has collaborated with ICICI Bank (Industrial Credit and Investment Corporation of India) and PayU (payments service born in the Netherlands) to launch Mi Pay. Originally this service was based on technology NFC and made his debut of course in China, having as a partner China UnionPay, or the only credit card issuer authorized in the Middle-earth. The Indian version of Pay me It is similar to Google Pay and allows all types of mobile transactions. However, unlike the Google Pay app, Xiaomi claims that its platform for native digital payments supports not only UPIs (real-time payment system that operates on mobile devices, transferring money instantly from the account of one to that of the other user) but also all credit cards and debit cards of other operators.
Xiaomi in a post on the official forum last Wednesday revealed that the NPCI (National Payments Corporation of India) authorized the service Pay me. The platform would allow users to make payments for such utilities telephone, water and electricity bills in addition to classic in-store payments. Xiaomi India also allows users to participate in the beta testing of Pay me in India: to participate it is necessary to operate on one MIUI global beta ROM and only then can one sign up for beta testing, but only until December 31. Those interested, can participate through this form.
"The biggest advantage of Mi Pay is its deep integration within MIUI which makes it extremely easy to transfer payments to contacts and sellers" said the company in its post on the forum, adding "All the data generated by users will be maintained in a highly encrypted format within the India-based cloud infrastructure. "
India aside, the China it is not new to this type of payment system. Think about it in fact WeChat, the famous one platform born as a messaging portal (like Whatsapp so to speak) and developed to the point where users can pay anything in any store. If you want to go to a restaurant or buy slippers, now everyone in China accepts the payment with WeChat, which occurs by scanning the QR code.
Not by chance Xiaomi stresses that Pay me in India allows users to make payments by scanning QR codes. The platform can generate also a personal QR code to receive payments from other users via UPI.
It is no wonder that Xiaomi is developing such a system and that it is "entering" the pockets of Indian users since in the not too distant times it has also invested in private credit institutions in India: the Chinese company has funded a student credit platform called "KrazyBee" in Bengaluru in October of last year and invested in the launch of fintech ZestMoney at the beginning of this year. All this helped above all Xiaomi to be seen favorably by younger users and especially the students, but above all he helped the smaller credit institutions that probably, without her, could not have survived.
Would you also like a payment system in Italy? For sure, in China it's a lot and it's also much safer than a credit card: in these times stealing a smartphone is more difficult than stealing a wallet, considering how much we use both. We also leave you with a question: how much this movement can annoy Google with its Google Pay platform?
Good Decision.
I hope this service will Great in the world.
Thank You.