Apart from making smartphones, Xiaomi is also known for its services as well as ecosystem products and Mi Pay is one of them. This service is available in a number of regions where the company has its presence. Now, users in India can trade gold on Mi Pay app with the latest update.
Since its introduction in the country, the company has added new features such as options to book trains/flights, buy life insurance, and even lets users generate their credit report. But it was missing the ‘Gold Trading’ feature, which is available on competitors like Paytm, Google Pay, and PhonePe. But not anymore, as Mi Pay also gets this option in the new update.
Xiaomi has partnered with gold investment startup SafeGold to bring ‘Gold Trading’ to Mi Pay. After updating the app to the latest version from Play Store or GetApps (Xiaomi’s official app store), users can purchase and sell gold from a dedicated option.
The service lets users store their 24-karat physical gold with vaulting firm Brink’s India and even delivers them if required. Additionally, users can also track their existing gold balance and exchange them for jewellery from partner jewellers.
The Mi Pay payment service by Xiaomi landed as a beta in December of 2018 in India. Unlike the original with NFC, the Indian version uses UPI(Unified Payment Interface), debit/credit cards, and internet banking for transactions. The service went live for MIUI users in March 2019, followed by all users in October 2019 via Google Play Store.
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(Via)
