Mi Pay launched in India to challenge Paytm; Xiaomi offers free 100 Redmi Note 7, 50 Mi TVs to MiPay

Mi Pay is based on the Unified Payments Interface (UPI) technology. Users can pay bills for electricity, gas, telephone and even recharge their prepaid phone connections. Xiaomi is relying on ICICI Bank as payment service provider. Xiaomi has finally announced the Mi Pay payments app in India. The app is based on UPI technology and will be available to download on the Mi Store app. Mi Pay has been certified by NPCI.

As stated, Mi Pay is based on the Unified Payments Interface (UPI) - the same technology that Paytm and other payments apps use in India. Mi Pay will be exclusive to MIUI-based Xiaomi smartphone users and will offer smart integration features. Xiaomi says that Mi Pay's framework will be implemented within MIUI, which means the payment app will be closely integrated with MIUI. For consumers, this means that they can access several features of Mi Pay via the Contacts, Camera and SMS app or any other native MIUI app.

With Mi Pay, users will be able to make payments in a similar fashion to Paytm and other UPI-based payment apps. Users will be able to make payments to other Mi Pay users. They can also pay bills for electricity, gas, telephone and even recharge their prepaid phone connections. Some major services such as Assam Power, BEST Mumbai, BSES Rajdhani and Yamuna are supported by Mi Pay. Users can also pay bills for popular broadband services like Hathway, Asianet and Nextra Broadband. Users can also make payments via QR codes.