Xiaomi Mi Pay UPI-Based Payments App Launched in India: Everything You Need To Know

Xiaomi has officially launched its Mi Pay app in India, and will be available to all MIUI users. Serving as a one-stop solution for consumers’ payment needs, Mi Pay is primarily a UPI-based application, deeply integrated within Xiaomi’s MIUI interface across SMS, Contacts, Scanner, App Vault, and Settings. ICICI Bank is the payment service provider for Mi Pay. Consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120+ banks and over 120 billers, the company said in a statement.

Xiaomi claims that Mi Pay data is stored only on Indian servers and is working alongside EY and Lucideus to keep user data safe. The new service is a direct competitor to Google Pay, Paytm and Whatsapp’s payment feature and judging by the popularity of Mi devices in India it could gain some serious traction. Mi pay UPI has been approved by NPCI under the multi-bank API model and it has been audited by CERT-IN empanelled auditors E&Y and Lucideus.

Additionally, Xiaomi India has announced a new manufacturing facility, taking the total count of its manufacturing plants to 7. Under the Make in India programme, has planned a 1 million sq ft facility, in partnership with electronics manufacturing company, Flex, housed in Chennai.

Jain said that 95% of Xiaomi’s phones are made in India with 65% of a phone’s value sourced locally. He said that the company is working towards bridging the 5% gap in local manufacturing and will soon produce 99% of the phones it sells in India within the country’s borders. He added that Xiaomi now makes TVs, Power Banks, Smartphones, Batteries, Chargers, and USB Cables in India, and aims to expand to other product categories as well.