UPI now is as common as using a debit card for online payments. With apps like BHIM, PhonePe and Google Pay ruling over the UPI functioning app industry, there is a new app in the market called “MI Pay“. The beta version of this app was launched back in December 2018. Now, this app is officially launched by Xiaomi. ICICI is the payment service provider for the app. It also has clearance from the NPCI (National Payment Council Of India) and confirms to India’s data localisation requirements.
Mi Pay: UPI Based Payments App
Xiaomi clearly stated that they are planning to integrate the MI Pay app into their customized MIUI deeply. This will allow MIUI users to directly make payments through their payment app without really opening the app at all. Basically, they are trying to integrate MI Pay with basic apps like Contacts, SMS, Camera scanner and so on so that the user can make payments directly from these default MIUI apps without really opening up the MI Pay app.
Types of Payments
Xiaomi is going full-fledged with support from over 120 billers of different categories. This allows MI Pay app to pay for a basic utility like water bills, telephone bills, electricity bills and also allow for DTH and Phone recharges. The user can even pay gas bills on this new app. These are just additional features of the app as besides these the basic UPI transactions are also there. This includes fund transfer from one UPI user to another directly using UPI PIN without any extra charge. One can even send money to another person’s bank account directly from the application itself. The user can also scan the QR Code to make payments.
MI Pay Support Bharat QR
The best thing about the MI Pay is its Scan & Pay feature which enables QR based payment system. The user can generate a static or dynamic code in order to receive payments. Moreover, the customer can pay the money at merchant store by scanning any UPI QR Code including Bharat QR Code (which is a P2M Mobile payment solution mutually derived among NPCI, Visa and Mastercard payment networks). So, if your banking app doesn’t support Bharat QR then don’t worry as MI Pay comes with the same Bharat QR feature.
The app is scheduled to be launched soon in Mi app store. This basically suggests that it will be an exclusive app specifically optimized and integrated for the MIUI users. However, if this app attains success, will it be made available to all Android users through Google play store? Now only time will tell the answer to this question.
The competition is tough as there are a bunch of apps that have already made a name for themselves as UPI based apps. This includes Google Pay, Paytm, PhonePe which are definitely among the top five apps for UPI. On top of being well settled, these apps also provide certain cashback offers and schemes. Now, will Xiaomi provide cashback offers with their MI Pay app? We don’t know as of now as there has been no official statement from Xiaomi about it. The only thing is known with certainty about this app and Xiaomi’s plan for it is the deep integration of the app with MIUI. Will this be enough for Xiaomi to make a name for themselves, getting over Paytm, PhonePe or Google Pay? Will Xiaomi’s popularity in the Indian market be enough to get this app to the top of the table? These are the questions we will get answers to after the app’s first official launch in Xiaomi’s Mi app store takes place.