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Xiaomi Mi Pay UPI-Based Payment Platform Coming to India Soon, Awaiting RBI Licence Approval: Report

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Xiaomi Mi Pay UPI-Based Payment Platform Coming to India Soon, Awaiting RBI Licence Approval: Report

The report claims that Xiaomi has started conducting trials and tests for its upcoming UPI service.

Highlights
  • Xiaomi Mi Pay will be based on UPI in India
  • It was initially launched in China in 2016
  • Xiaomi is looking to collaborate with private lenders in the country

Xiaomi is all set to unveil its Mi Pay digital payments platform in India, if a new report is to be believed. Launched initially in China in 2016, Mi Pay is said to arrive in India powered by the Indian government's Unified Payments Interface (UPI) in an attempt to take on the likes of Paytm, WhatsApp, BHIM, PhonePe, and other similar service providers. As per a report, Xiaomi is currently awaiting licence approval from the Reserve Bank of India (RBI) and will look to tie up with several private lending firms in the country.

The fierce Indian digital payments space is ready to get an all-new player, reports Hindu Business Line citing people familiar with the matter who claim the Chinese phone maker is indeed looking to launch Mi Pay in India soon. The report claims that Xiaomi has started conducting trials and tests for its upcoming UPI service and is awaiting RBI approval for an official launch.

Xiaomi has invested in private lenders in India in the past, leading a funding round for KrazyBee last year, and more recently for ZestMoney. The report adds that it is keen on getting more lenders on board once it receives the licence from RBI. Gadgets 360 reached out to Xiaomi India to comment on the report, and the company declined to provide a statement.

To recall, the Mi Pay digital payments platform was launched in China back in September 2016 as an NFC-based solution. Made available in partnership with China UnionPay, the service was previously exclusive to the Chinese market. At launch, two years back, Xiaomi's Mi Pay supported debit and credit cards from 20 banks including those from Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank among others.

On a related note, UPI-based Google Tez was rebranded to Google Pay at this week's Google for India 2018 event. Apart from the rebranding exercise, Google Pay will also get pre-approved bank loans on the platform in the coming weeks.

Back in July this year, WhatsApp Payments official launch was delayed by the Indian government citing concerns over how user data will be stored among other issues. The final approval is still pending with the authorities.

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Further reading: Xiaomi, Mi Pay
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