Xiaomi, after building a size-able counter option to Samsung in the hardware space, is now heading to the software space. The company has announced the launch of ‘Mi Pay’, its very own UPI powered payment service.
The service is pretty much similar to what its competitors are offering. It lets you pay bills, split them, recharge your phones and do other digital payment stuff. And since the payment is powered by the Government’s UPI (Unified Payments Interface), it supports credit and debit cards across more than 120 banks and over 120 billers.
“We have introduced our innovative Mi Pay service for our consumers in India. This is the ultimate solution to a variety of consumer payment needs, and hence empowers millions of Xiaomi users with access to digital payments,” said Muralikrishnan B, Chief Operating Officer, Xiaomi India.
In a series of tweets detailing the app’s features, Xiaomi mentions that the app is ‘deeply integrated’ with MIUI. As a result, it lets you pay send money directly to bank accounts from the SMS, Contacts and Scanner apps.
Mi Pay UPI has been approved by the National Payments Corporation of India (NPCI) under the multi bank Application Programming Interface (API) model. In terms of data security, the app has been audited by CERT-IN empanelled auditors E&Y and Lucideus. Xiaomi also mentioned, that all of the data from the apps is stored locally in India.