Xiaomi made the announcement via its official forum where it states “Mi Pay’s biggest advantage is its deep integration within MIUI which makes transferring payments to contacts and vendors extremely easy. All user-generated data will be kept in a highly encrypted format within the India-based cloud infrastructure.”
Mi-Pay is Xiaomi’s contactless NFC-based mobile payment system which supports credit, debit and public transportation cards in China.
India is one of the worlds most valuable tech markets and what better way to tap into the countries financial problems than with a new mobile payment platform.
This is a direct competition to PayTM which is India’s Current dominant Mobile Payments Platform and even compete with the likes of Google Pay.
The Indian launched is powered by a partnership with ICICI bank and Pay U. Mi-Pay China supports NFC but Mi-Pay India supports UPI and all credit cards and debit cards.
The Program will initially be available in an Indian Beta testing program for mobile devices with a stable MIUI Global Beta ROM who can sign up for the program. Beta Testers have until December 31 to sign up for their participation, done via the form below.