Chinese smartphone manufacturer Xiaomi has announced that Mi Pay has acquired over 18 million users since launch. The Unified Payment Interface (UPI) payment solution app from Xiaomi was launched in February 2019. The payment solution app has also registered more than 14 million users.
“Mi Pay has emerged to be one of the most reliable and easiest ways to pay for millions of MIUI users in India. Not only this, since its launch in India, more than 1.4 million UPI IDs were created on Mi Pay, further contributing to government’s vision to boost the digital economy,” Muralikrishnan B, Chief Operating Officer, Xiaomi India said in a statement.
Mi Pay allows users to make various kinds of transactions. Users can transfer money, request money, pay bills – electricity, phone, water, gas etc. It can be used to make transactions across any UPI payment apps. In India transactions done worth Rs 200 crore have been completed. Of these users 90 percent Mi Pay users in India used the payment app primarily to transfer funds to friends and family.
With Mi Pay, Xiaomi is entering the digital payments ecosystem which has exploded. This is similar to the smartphone market in the past few months. The Mi Pay was first introduced in India in the form of beta late last year. And is now exiting beta to become officially available to Mi users in the country.
The announcement comes after the company introduced Mi Pay 2.0 as part of its MIUI 10 Global beta ROM last month. At the launch, Muralikrishnan, COO of Xiaomi’s India operations, said that the company is introducing digital payments solution beyond China for the first time with the Mi Pay launch here. “Xiaomi has huge opportunity in digital payment space,” Muralikrishnan said while announcing the service. The Chinese smartphone maker announced that Mi Pay has been approved by NPCI. And it is certified by both EY and Lucideus.
Xiaomi also announced support for government’s data localization plans and Muralikrishnan said that all data will be stored locally in India. The company is complying with local norms even before the service reaches a critical user base. This shows its commitment to the market and possible growth. More than 50 percent of smartphone users are expected to use digital payments in the next few years. Xiaomi being the leader in the smartphone market is perfectly poised to attack the market.
With inputs from IANS.