Xiaomi Mi Pay Coming Soon In India – Awaiting For RBI Approval

Xiaomi Mi Pay coming soon in India - awaiting for RBI approval

The Indian Government and RBI (Reserve Bank of India) has already been introduced the easiest and secure process for online money transaction process called UPI (Universal Payments Interface) solution. It’s based on Aadhar number, PAN number, registered mobile number, and a bank account number details to verify and set the bank a/c number for transaction process via mobile number. Some other popular online transaction solutions such as Paytm, Google Pay (Tez), Phone Pay etc. are also on the list. The No.1 smartphone brand in India Xiaomi is planning to launch their own Xiaomi Mi Pay (UPI based) service in India.

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Xiaomi Mi Pay – Set To Launch in India

The Chinese tech giant is set to launch the Mi Pay service in India and now just waiting for the approval from RBI commercially. Xiaomi had already launched Mi Pay in China in 2016 and running on NFC-based contact-less payments. However, this service will run on UPI ID based in India and will be available for Xiaomi device users via Google Play Store and Mi Apps officially. The new devices will be launched with Mi Pay as preloaded apps.

Earlier this year, Xiaomi has introduced a money lending service called Mi Credit in India. This service offers money loan from Rs.1,000 to Rs.1,00,000 within 10 minutes to MIUI users partnered with ‘KreditBee’ company. As we mentioned above, the Xiaomi Mi Pay is also expected to be available on all Xiaomi devices.

Xiaomi Mi Pay Service – Expected Process for Payment

Currently, there is no information about the support of NFC for the Indian version. Though, most of the mid-range devices and all entry-level devices don’t come with NFC feature. Whereas, Samsung is working on two kinds of payment services in India such as Samsung Pay and Pay Mini. The Samsung Pay is based on NFC for all high-end models and the lite version called Samsung Pay Mini features bank a/c and UPI Id system for entry-level and mid-range devices.