Xiaomi to soon launch its own UPI-based app, the Mi-Pay

Xiaomi India is now getting serious about the Indian market since it overtook Samsung to become the leading smartphone brand in the country. The company is now working on its own UPI-based payment service platform which is said to be called Mi-Pay. It will be a digital payment service and will work quite similar to Google Tez (now Google Pay).

As per a recent report by Hindu Business, Xiaomi is currently waiting for an approval from Reserve Bank of India as it is important before any company starts a payment service. The report further claims that Xiaomi has also started conducting trials for its Mi-Pay payments service. The company has also tied up with leading private lenders in India for their upcoming application.

However, Xiaomi Mi-Pay is not a whole new concept. The company introduced the application in their home country, China back in 2016. In China, the app is available for debt and credit card holders of select Chinese banks. Unlike China, India will get another version of the Mi-Pay app which will use UPI in order to make a transaction.

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In other news, Google recently rebranded Google Tez as Google Pay in India. With the new Google Pay app, users can make payments across 15,000 retail stores in the country. The app can also be used to make payments at the Google Pay's partner websites like Goibibo, BookMyShow, RedBus and even Uber.