The local partner in India is ICICI Bank. The data is stored on Indian servers and not on servers located in China according to Xiaomi. Users will be able to make payments to other Mi Pay users and other UPI-based payment apps. This is just the beginning. It is an important step towards the next stage. There are consistent financial facilities offered by Xiaomi partners. For example, lower rates for buying items in the group. Or loyalty promotions with a value based on the amount traded through this app. Current technological opportunities allow for such quick facilities.
The Xiaomi marketing team in India reaffirms its professionalism and offers 100 first-time users of the pay application – 100 units of Redmi Note 7 and 50 Mi LED TV 4A PRO 32. I expect the following promotional campaigns to find low-priced tickets at various Xiaomi youth shows.
The Mi Pay will face competition in India such as Paytm, PhonePe, MobiKwik and Google Pay. The main advantage is the list of partners that can be interconnected. Direct payments on the smartphone are just starting out. In just a few years we will witness a spectacular evolution of payment and customer loyalty.