Xiaomi is currently waiting for Reserve Bank of India (RBI) approval for its payments system in the country. The report further highlights that the brand has started conducting the trials for its Mi Pay service in India
Xiaomi is all set to enter the digital payments service in India with its Mi Pay platform. The company is reported to launch the service pretty soon in India.
According to a report by Hindu Business Line, the Chinese player is currently waiting for Reserve Bank of India (RBI) approval for its payments system in the country. The report further highlights that the brand has started conducting the trials for its Mi Pay service in India and it has tied up with a leading private lender in India for system integration.
To recall, Xiaomi introduced its Mi Pay service in China in 2016. Mi Pay is available for the debit and credit card holders of 20 domestic banks in China. The app is integrated with fingerprint scanner and can hold upto 8 cards per user. however, in India, the company is looking to integrate UPI service to compete with the likes of Google Tez (now Google Pay), Paytm, PhonePe, BHIM and more. The company is keen on getting more lenders to its platform, once it gets the approval from RBI.
Meanwhile, Google has reintroduced its Tez as Google Pay in India. With this, customers will be able to use the Pay app in more than 15,000 retail stores. One can easily book flights ticket from Goibibo, movie tickets from Bookmyshow and buy smartphones from Xiaomi. Google has partnered with RedBus and Uber for in-app payment service and will also roll out offline support when paying at exclusive outlets like FBB, Big Bazaar and e-zone.