Mi Pay: Here’s why Xiaomi phone users may not need Paytm, Google Pay and other payments apps any longer

| Debashis Sarkar | TOI-Online | Dec 20, 2018, 20:56 IST

Xiaomi Mi Pay UPI payments app is arriving in India in partnershi... Read More

Xiaomi is gearing up to launch its payments app called Mi Pay in India as the company has started beta testing of the Mi Pay platform in the country. Xiaomi has partnered with ICICI bank along with PayU to launch Mi Pay in India. The Indian-version of the app is slightly different from the NFC-powered payments app available in China. The Mi Pay app in India is similar to the Google Pay app. Interesting, the Mi Pay is more than just any other UPI payments app and claims to support debit and credit card as well.

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If Xiaomi Mi Pay actually supports debit and credit cards as well then it could be possible that Xiaomi might take advantage of MST (Magnetic Secure Transmission) technology. MST is already used by Samsung in India for Samsung Pay. This technology allows users to use their mobiles instead of debit/credit cards to “swipe” on regular card POS machines. However, there is no official word from Xiaomi as to whether Mi Pay will support MST or not. Xiaomi will also take on Paytm with support for QR code payments

The Mi Pay payments app is reportedly have already got clearance from National Payments Corporation of India (NPCI). The upcoming Mi Pay takes on Google Pay directly and would allow users to pay bills and more. There is official word as to when Mi Pay will be publicly rolled out. However, if you wish to participate in the beta testing of Mi Pay then you would need to use MIUI Global Beta ROM and sign up before December 31.

Recently, Google announced the rebranding of its payments app Tez to Google Pay. However, apart from the change in name there were no other significant changes in features that the payments app offers. Interestingly, apart from payments, Google is also working with the banks like HDFC, ICICI, Kotak Mahindra and Federal Bank to provide instant loans to Google Pay users in India.

These banks will have a set pre-approved limit for loans for individuals based on their bank account and Google Tez transaction history. The payments app will show the loan amount, duration and EMI amount and date on the Tez app itself. Users can simply set a auto bill payment from the Tez app to pay EMIs on time.

10 Xiaomi smartphones that have become cheaper in India

There’s good news for Xiaomi fans in India. The Chinese smartphone maker has reduced the prices of many of its products in the past few weeks in the country. The recent price cuts come after the price cut that the company announced for some of its products like powerbanks and TVs in India. Here’s over to all the Xiaomi devices that have become cheaper

Post a price cut of of Rs 600, the 16GB variant of the Xiaomi Redmi 6A will now be available at Rs 5,999

Post a price cut of of Rs 500, the 32GB variant of the Xiaomi Redmi 6A will now be available at Rs 6,999

Post a price cut of of Rs 1,000, the 64GB variant of the Xiaomi Poco F1 will now be available at Rs 19,999

Post a price cut of of Rs 1,000, the 128GB variant of the Xiaomi Poco F1 will now be available at Rs 22,999

Post a price cut of of Rs 1,000, the 256GB variant of the Xiaomi Poco F1 will now be available at Rs 27,999

Post a price cut of of Rs 1,000, the 4GB RAM variant of the Xiaomi Redmi Note 5 Pro will now be available at Rs 13,999

Post a price cut of of Rs 1,000, the 6GB RAM variant of the Xiaomi Redmi Note 5 Pro will now be available at Rs 15,999

Post a price cut of of Rs 1,000, the 64GB variant of the Xiaomi Mi A2 will now be available at Rs 15,999

Post a price cut of of Rs 1,000, the 128GB variant of the Xiaomi Mi A2 will now be available at Rs 18,999

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