Soon, Xiaomi users would not need any payment app. The paytm, Google pay, or any other UPI payment app which they are using would not be needed anymore. The Xiaomi company is bringing a UPI payment system in its phones. The payment system if these phones would be known as Mi Pay. The system of payment would differ from the Chinese NFC payment system. It has also got approval from National Payments corporation of India (NPCI). The date of launch has not been yet officially revealed by the Xiaomi brand.
As per the reports, the UPI payment system MI Pay would not be same as the regular UPI apps. The company claims that it would support debit and credit cards as well. If the claim of company is true than it would be using the Megnatic secure technology (MST) in their system. Right now, this MST technology is being used by Samsung brand for its Samsung pay. With this users are able to use their phones at the time of payment at pos machines. It removes the need of using debit or credit cards for payment. However, the company has not gave any confirmation of the same.
This Mi Pay system would also support paytm for its QR scanning option. The company has joined hands with ICICI bank and Payu to launch this payment system. Reportedly, the system would be similar to Google pay. It would support also allow all the users to make payments of bills using it. Currently, company is testing it in its beta version. The Xiaomi users can register for beta version before 31st December.