Xiaomi’s Mi Pay to Make a Debut in Indian Market
The Chinese smartphone giant Xiaomi is all set to make a debut of its payments app called Mi Pay in India. The company has started beta testing of the Mi Pay platform in the country.
For this, the company has entered into a partnership with ICICI bank along with PayU to launch Mi Pay in India. The Indian variable of the app is slightly different from the NFC-powered payments app which is available in China.
In India, it is similar to the Google Pay app. Also, the Mi Pay is not only a UPI payments app, it claims to support debit and credit card as well. With this, the company might take advantage of MST (Magnetic Secure Transmission) technology. MST is already used by Samsung in India for Samsung Pay.
This technology allows users to use th...