Thursday, 30 August 2018

Interesting Facts You Should Know about Xiaomi Mi Pay

Xiaomi Mi Pay payments service is in its last development stage, and the Chinese company will soon be foraying into the growing Indian fintech market.

Post demonetization, Indian digital payments
market has seen a major boom in digital transactions, mainly via wallets and UPI-based payments handle. The Mi Pay digital payments will soon join the bandwagon, awaiting its final RBI approval for an imminent launch.

Xiaomi Mi Pay service is already in its beta testing stage, and the company is continuously conducting trials and testing for a full roll-out.

As of the reports, Xiaomi reportedly tied up with a leading Indian private bank to support its upcoming payments service. Mi Pay was first launched in China in 2016, and in India, the company will be bringing the same version relevant to India’s payments solutions and services.

Mi Pay will also support NFC as well. Like Samsung Pay, you just need to tap your Xiaomi device (though, most Xiaomi devices in India don’t have NFC) at the POS for a touchless payment. Mi Pay will mainly integrate with Unified Payments Interface or UPI. You can directly link your UPI account with Xiaomi Mi Pay to enable your account.

Xiaomi Mi Pay users will also get an option of add-on Mi Credit facility. Google on Tuesday announced a similar instant loan feature with its Google Pay payments service. Xiaomi launched Mi Credit in India in May to offer instant loans between Rs 1,000 and 1 lakh. Xiaomi will offer loans via Kreditbee through its upcoming Mi Pay platform.

You need to do your KYC to be eligible for a loan via Mi Credit and Mi Pay service. The company will check your credit score, and after all the required KYC verification, you will be able to get your Mi Credit or Mi Loan.

You can also use your Mi Pay service to pay for services at Point-of-Sale (POS) desks via QR codes, and also online via Payment Gateways. Xiaomi Mi Pay service will tie-up with leading partners for a wide availability.

As per the new RBI rules, digital payments service providers have to save user data in the country only. WhatsApp Payments is stuck due to a similar issue. Xiaomi has its own office here in India, so Mi Pay service will not probably face any delay.

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