Xiaomi Enters India’s Crowded Payments Market With Mi Pay
Xiaomi Inc. is entering India’s digital payments through its payment app, Mi Pay.
The smartphone manufacturer said in a blogpost today that it has started the beta testing of Mi Pay, which is open to all Xiaomi users. The app, it said, is supported by ICICI Bank and the payment gateway PayU.
Xiaomi said the app can be used to make payments using Unified Payments Interface, debit cards, credit cards and internet banking. Users will also be able to make bill payments for utilities and services such as phone/DTH recharge, among others, according to the blogpost.
The Chinese smartphone maker will be competing in an intensely crowded market comprising the likes of Paytm, Google Inc., PhonePe, among others, who’re eyeing a slice of the country’s payment space which is expected to grow to $1 trillion by 2023, according to Credit Suisse.
Xiaomi said it has received approval from the National Payments Council of India for large group usage and hence has rolled out the beta version for users. Mi Pay will also allow payments by scanning QR codes, including Bharat QR codes.
The launch is a part of larger push by Xiaomi to create an ecosystem for its users, to its existing services such as MI music, MI videos, MI Cloud. Earlier this year it also announced Mi Credit, a lending platform that allows users to get quick loans. It has also invested in digital lending platforms ZestMoney and KrazyBee.