Xiaomi, as a brand, has earned a lot of love in India since 2015. After the firm initial establishment, Xiaomi has come a long way, launching numerous products such as smartphones, accessories, earphones, and even shoes. Recently Xiaomi has officially released its UPI based pay app “Mi pay” in India on Google Play Store
Lately, only Mi users were able to access the Mi app as it was built an app on Xiaomi smartphones, but now they’ve managed to launch the app in the Play Store.
The real question is will it survive in the country (India) full of exactly similar yet widely known apps such as Google Pay, PhonePe and BHIM?.
Sources say that even Whatsapp has planned to launch its own payment app similar to this. So, now Google Play Store is being flooded with payment apps. Users are being forced to the dilemma of choosing any one of these apps.
What Xiaomi is planning to survive in this huge market?. Mi Pay has been integrated with UPI (Unified Payment Interface) which has just crossed 100 million users in India and it is being said that UPI has handled around 1 Billion transactions in September 2019.
This made the UPI the widely used payment interface in the world.
The survey and research firm have announced that there around 450 million Xiaomi users only in India.
The all-new Mi pay will be automatically installed in all the Xiaomi smartphones along with future updates so that their users can access the app and start making payment with it.
What can we expect in the future?
In China, Xiaomi’s Mi Pay is being widely used just like Indians use Google Pay in India. If you clearly notice Xiaomi’s actions in the Chinese market, you may get a clear idea about the vision of the company to make Mi Pay more profitable.
All of the Mi Bands sold in China have NFC (Near-Field Communication) chips on them whereas the bands sold in India, don’t, except the new Mi Band 4 NFC version.
With these NFC chips, it will be much easier for Mi Band users to make payments through Mi Pay. We can expect this feature to be available in India in the near future.
Stay tuned for more updates on this topic.