Xiaomi may soon launch its Unified Payments Interface (UPI)-based service Mi Pay in India. With this, the brand is all set to enter India’s promising and significantly growing digital payments market.
According to the industry sources, the company is waiting for the mandatory approval from Reserve Bank of India (RBI). Further, Xiaomi has already conducted trials and testing and has even collaborated with a leading private lender for initiating the service.
This is the same service that was launched by the company in China in 2016. It is apparently unveiling a crisper version of the service keeping the Indian audience and their demands in mind.
In a bid to offer NFC-based contactless payments service through debit cards from 20 different Chinese banks, Xiaomi Mi Pay was introduced in China in 2016 in collaboration with China UnionPay to offer.
As the service in India will be UPI-based, the users would be able to access it without any NFC support.