This move will enable the users to choose Google Tez in making payments for any purchases directly from their bank accounts. While Unified Payments Interface (UPI) itself is interoperable, Mi.com is only accepting virtual payment addresses created via Tez app as of now.
“As a merchant partner for Tez for the business programme, all Xiaomi customers can now seamlessly and securely pay with any bank account stored in their Tez account on their phone,” said Sujith Narayanan, Head of Partnerships and Business Development, Tez.
“Our vision is to bring innovation to everyone and our integration with Tez is another step forward in this direction. We hope to provide an even better purchasing experience that is cashless” said Raghu Reddy, Head – Online Sales, Xiaomi India.
Reportedly, Google Tez is planning to diversify into merchant payments, post generating strong volume growth in peer-to-peer payments.
According to Google, its UPI app Tez has reached 12 million users in India and has handled 140 million transactions so far, contributing to over 70 per cent of all BHIM UPI transactions in the country. Further, it claims to have 5 lakh merchants onboard without any specific merchant features or outreach.