While WhatsApp still struggles to introduce UPI Payment service on its stable version, Xiaomi is planning an assault with its own Mi Pay service in India. After the blockbuster success of PayTM, a number of companies including Google have launched their services for the fast arriving cash-less future economy in the country.
A new report from Hindu Business Line mentioned today that Xiaomi is in process of getting a clearance from RBI (Reserve Bank of India) which is mandatory for the service. It seems Xiaomi is already halfway there and it has already roped in a major private lender in India for Mi Pay. Xiaomi is aiming high with Mi Pay as it wants to compete with Paytm, PhonePe, BHIM and soon WhatsApp as well. Once the RBI approval is complete, more private lenders will be possible.
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As for Mi Pay, it is a two-year-old service in China that launched in 2016 and it encompasses 20 local banks in China. The Mi Pay app can hold 8 cards for a single user and uses a fingerprint scanner as well. The mobile payment scene is just getting started in India with public recognition also not as high as it is for these services in China. Hopefully, after the arrival of WhatsApp Pay, that will change.