Payment applications in India have risen from the ruins. They were not a thing until 2015 as India was not on the path of cashless payments. However, the current government has changed everything. Their official application, BHIM which stands for Bharat Interface for Money, changed the entire scenario. It opened doors for other applications to start their own payment’s app and they did.
Now, there are around three most used payment applications in India; Google Pay, PhonePe and BHIM. These applications are cleared by the government and are pretty safe to use. Paytm is also in the picture, however, it has its own wallet and does not use the UPI interface which Google Pay and PhonePe do. There are certain regulations one needs to follow for the same to transfer money from one bank to another and Paytm seems to be lazy about it.
That said, there are numerous companies looking to enter this business. WhatsApp had rolled out its beta version for testing almost a year ago but was halted by the government. It is recommended for all the payment applications that they should operate from within the country and the user data should remain in the country. Facebook’s WhatsApp was unaware of the same and they had to set up an office here in India and this has slowed down the progress.
However, Xiaomi, a Chinese smartphone maker, has swiftly passed through the regulations. National Payments Corporation of India (NPCI) has given the green signal to the Chinese company. Xiaomi’s Mi Pay is going to be another step in the right direction for the Chinese brand. It has already conquered the smartphone market in India. It is the number one smartphone seller in this country overhauling another giant in Samsung. Xiaomi sells all kinds of things in India, it is not only a smartphone brand but also a TV, Bluetooth speaker, smartwatch brand. Its Mi band ran havoc in the market when it was launched and its successors are also doing the same.
Looking at the success of Xiaomi in the product based businesses, its Mi Pay is on a similar path towards glory. Mi Pay is going to be a peer to peer fund transfer application. It will be using UPI based interface and an UPI pin for the same. Consumers would have an option to pay using Mi Pay for the goods they buy from different merchants.
Apart from this, one can check their account balance, change their UPI pin, scan QR codes with Bharat QR codes, and also manage the bank accounts as well. In addition to this, there is something more which the Mi Pay is offering. Mi Pay will support all the Credit and Debit Cards and with this one will be able to pay utility bills such as electricity, DTH and much more. This is something Google Pay or WhatsApp pay does not have. Xiaomi has also promised that the user data will be highly encrypted and will remain in the India-based cloud infrastructure.
The beta version of Mi Pay has been rolled out to a huge group of people. If one wants to experience the beta version then there are three simple steps. First is you have to be on an MIUI Global Beta ROM. The second is you need to sign up for the Beta service before the end of this year. The third and the last step is to fill the Google form available for free on Xiaomi’s Mi community.
– Unmesh Phule