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 their mobiles instead of debit/credit cards to “swipe” on regular card POS machines. However, there is no official word from Xiaomi as to whether Mi Pay will support MST or not. Xiaomi will also take on Paytm with support for QR code payments.
The Mi Pay payments app is reportedly have already got clearance from National Payments Corporation of India (NPCI). The upcoming Mi Pay takes on Google Pay directly and would allow users to pay bills and more.
There has not been an official word as to when Mi Pay will be publicly rolled out. However, if you wish to participate in the beta testing of Mi Pay then you would need to use MIUI Global Beta ROM and sign up before December 31.