Xiaomi is trying their hands in every field. Recently they launch their own payment services named as MI Pay. The new application is going to be based on UPI platform. Basically, Xiaomi is dropping a challenge in market for already existing application such as Paytm, PhonePe, Google Pay, Whatsapp Pay etc; all of them work on UPI platform.
Company already announced their budget for expanding its presence over Indian users. To improve their presence among Online and offline customers, Xiaomi has also invested Rs 3500 crore in India.
To make Mi Pay a huge success among users, the application is filled with so many exciting offers. As far we know Mi Pay is offering their users a chance to win Redmi Note 7, Mi Tvs and many more small prizes. Users don’t have to put extra efforts on it; all they have do is use the application for making payment.
Mi Pay was first launched in China back in 2016. Before launching it in India they put their beta testing version in market. It was available since December of last year. In February of this year, Xiaomi decided to launch the complete version for users. They officially declared it a part of MIUI 10 Global Beta ROM. Right now it is available for all users to download.
Mi Pay App Features:
Lets talk about the interesting features of application which they are offering to their user.
- The application is closed payment app, which means it is only available for Xiaomi users. They can easily download it from Mi Apps store.
- As already mentioned it is close application, so only Xiaomi users can use it to transfer money among each other.
- Other than this if the users have to transfer money to different platform such as movies, restaurant, grocery etc then they has to definitely use a UPI medium.
- The bank which is coordinating the banking process is ICICI. All the backends will be supported by particular bank.
- The interface of Mi Pay make it more interesting for users as it allows users to do payment while accessing their SMS, Contact, App Vault and Camera Scanner apps etc. Mi Pay is deeply integrated and it offers freedom to your
- The other interesting feature is users are not allowed to launch application every time when they need to make a payment.
- The application has been validated and approved by NPCI. It is secured because the data of this app will be stored within India.
Users are desperately waiting for tech experts for their honest review of this Mi Pay App. Xiaomi also waiting for its application to be loved by Indian fan following as they invested huge money on it. After all they have invested a huge amount for this. The investment is considered as the biggest budget of Xiaomi in India till now. So you can clearly sense the pressure on the Xiaomi’s Indian Centre.
Earlier too they made the huge investment like on January 17, they invested Rs 1500 crore and on March 1st they invested Rs 2000 crore. The all funding was takes place from Singapore Pte Ltd, which is the major stake holder of Xiaomi’s Indian operation. They hold 99.9% and rest is held by Xiaomi HK ltd, serves as a silent partner, they didn’t make any investment.
The recent report revealed by company clearly mentions their future plan regarding the money. They gave us a heads up to improve the offline retail market of products. The fund is utilized in the same process. They want to rule over on offline market too by offerings best service in washing machine, laptops , refrigerators etc.
More news related to same will be soon going to release by company. Stay tuned.