Xiaomi is all set to join companies like Google, Paytm, PhonePe and more with the launch of its Mi Pay payment interface in India. The app will use Indian Government’s UPI payment interface and is currently waiting for the RBI (Reserve Bank of India) approval.
According to a report by Hindu Business Line, people familiar with the matter told that Xiaomi is looking forward to launch the Mi Pay platform in India. Xiaomi launched the Mi Pay platform in China in 2016 and has conducted several tests and trials for the Indian market too.
Xiaomi will also partner with many private money lending firms to provide easy loans to its users. This is similar to what Google announced yesterday at its Google For India Event. While Google has partnered with Banks like HDFC Bank to provide quick loan, Xiaomi will be going with private firms. The Chinese company has partnered with a few in past to provide quick money in India.
WhatsApp is also stuck with Government approval authority was concerned with the data privacy through the Facebook-owned platform. Google has also changed the name of its UPI based Google Tezz app to Google Pay and will bring the app to more global markets soon.
Xiaomi Mi Pay will be available on all Xiaomi smartphones and will be limited to them only. We can expect Xiaomi to partner with different merchants and business partners to add more features to its payment platform in the country. Stay tuned to Sid Tech for latest tech news, deals, reviews and more.
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