Earlier today (28th September 2021), Xiaomi unveiled the NFC Mi Pay Straps that will be launching soon. The company revealed the new wearable band during the “Future Of Contactless Payments” event at the Global Fintech Festival.

As of right now, finer details regarding this product is currently unknown. Although, it is clear that it is a new contactless payment based product. The tech uses NFC and the related components are housed in the straps itself. While the Chinese tech giant has yet to reveal the launch date for this product, it has announced that it is working in collaboration with various finance based firms in India, including RuPay, RBL, and Zeta.

Today we announced our entry into the FUTURE OF CONTACTLESS PAYMENTS at the Global Fintech Festival.

Thrilled to announce that we will be launching the Xiaomi NFC Mi Pay straps soon.

Working with @RuPay_npci, RBL & Zeta to make this happen.

Stay tuned. pic.twitter.com/5yD2eywhPO

— Raghu Reddy (@RaghuReddy505) September 28, 2021

In other words, the NFC Mi Pay Straps is confirmed to arrive in India and would likely be a part of the Mi Credit or Mi Pay systems from Xiaomi. The news was shared by the brand’s Chief Business Officer, Raghu Reddy, on Twitter, with the tweet also teasing the upcoming straps’ design through an image poster. Unfortunately, we will have to wait for additional news from the company to know more about this product. So stay tuned, as we will be providing updates regarding this matter.

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Xiaomi, the Chinese electronics company, has officially launched its Mi Credit app on 3rd December 2019. The app is currently available on Google’s Play Store app and provides a credit lending service with a spending limit of 1,00,000 INR (or roughly 9,800 CNY).

The Mi Credit app marks the expansion of the tech giant’s financial services portfolio within the Indian subcontinent. It is an online marketplace for lenders and has support from five non-banking financial companies (NBFC) and FinTech firms that includes Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney, and CreditVidya. Additionally, Xiaomi has also partnered with Experian to provide a credit score report free of cost on the Mi Credit app.

Currently, the Mi Credit App is available in 10 states and supports up to 1500 pin codes. Xiaomi plans on the rolling out of the service to all pin codes by the end of this financial year, March 2020. For those interested, the app is available in Google Play Store, Xiaomi App Store and GetApps platforms for Android smartphones. Furthermore, the app will now arrive preloaded on the company’s MIUI OS powered smartphones.

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Xiaomi’s Mi Credit app is the company’s first financial service app since the Mi Pay which debuted in March 2019. According to the company, the app-based financial platform enable the firm and its lending partners to provide users with a complete digital experience with no paper involved in the process. This also extends to the process of uploading user documents (for KYC) for linking to the bank account.

The Chinese company sees a huge opportunity in consumer lending services in India. According to Hong Feng (Senior Vice President/co-founder of Xiaomi), the financial lending services sector could grow up to 1 trillion USD by 2023 and its Mi Pay and Mi Credit App can revolutionize the Indian FinTech industry. Lastly, to add a sense of security, Xiaomi’s India Managing Director, Manu Kumar Jain, stated that all user data on Mi Credit app was stored securely in an encrypted format in India. This was achieved by Amazon’s Web Services cloud infrastructure.

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(Via)

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Xiaomi, the China-based smartphone manufacturer, which is currently dominating the Indian smartphone market, has launched its mobile payment solution in the country — Mi Pay. This makes India the first country outside the company’s home market to get the Mi Pay service.

While the Chinese version of Mi Pay uses Near Field Communication (NFC) to process payments, this isn’t the case in the Indian version. Mi Pay in India supports payments through leading credit and debit cards, internet banking, and Unified Payment Interface (UPI) which can supports QR code-based payments.

Xiaomi’s mobile payment service in India has been cleared by the National Payments Corporation of India (NPCI) for large group usage. The service allows users to pay bills, including phone bills, electricity bills, and water bills as well as do mobile and DTH recharges.

However, the service is currently in Beta stage and will be available to beta users in “soon.” The company has not revealed when the stable version will release. Those who are interested in using Mi Pay during beta stage can sign up for the same from here. As per the company, the advantage of Xiaomi with Mi Pay in India is the deep integration of the service with MIUI, company’s own mobile operating system based on Android.

It will be interesting to see how Xiaomi’s payment service fares in the Indian market as there are many online payments service providers trying to get a lead. Two of the biggest services include Google Pay and Paytm. Popular messaging app WhatsApp is also testing its own payment service in India.

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However, it seems that finding an audience for Mi Pay will be comparatively easy for Xiaomi given that it currently dominates the Indian smartphone market and has millions of users.

(Source)

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