UPI, or the Unified Payment Interface Gateway, has played a major role in India's burgeoning fintech revolution. Meanwhile, several players with Google Pay, PayTM and PhonePe have found some of the biggest players on the market. With the launch of Mi Pay also Xiaomi is looking for a piece of cake. After a long beta test, Xiaomi finally introduces Mi Pay in India. Here is a quick start guide to getting started with Xiaomi's payment service.
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Getting Started with Mi Pay
The use of Mi Pay App is as easy as the Mi App Store on your Xiaomi phone. In our Redmi Note 7, the app was not preinstalled even though the latest version of the operating system was running. However, installation via the app store was a breeze. Over time, the app is expected to be baked in MIUI.
Setting up Mi Pay
If you have the app installed, it will only take a few seconds for Mi Pay to become available. You'll be prompted to sign in to your Mi account the first time you run the app. Since the app runs only on a Xiaomi phone, chances are good that you already have a Mi account. If you do not, the app will help you register a new account.
The main interface of Mi Pay is very simple and clean. A banner may help you to link your bank account to Mi Pay in order to use the service for UPI payments.
Tap the icon and you'll need to enter your phone number to further link your bank account. In the next step, the app lists all supported banks from which you can select the appropriate account. Select your bank from the list and the app will show you your account details. From here you can either enter your existing UPI PIN or create a new one if you do not already have one. The app also makes it easy to change your UPI PIN if you forget it.
If you entered the UPI PIN, you can use the app to create a new UPI ID. You can still use your existing UPI ID.
How to Send Money with Mi Pay
Like most UPI payment applications, Mi Pay lets you both send and receive money. You can also scan a QR code to make transfers. This is very handy if you and your friend use Mi-Pay.
The most common use case Of course you just have to enter the UPI-ID. Once the app has verified the recipient's ID to make sure it's valid, you can enter the amount and submit the payment.
The app can also retrieve details from there via the contact app, send a transfer or transfer the amount immediately. Your UPI data is linked to the Mi account and the registered mobile number. For users of Xiaomi phones, this should mean a seamless user experience.
Similarly, creating a transfer request is straightforward. Enter the UPI ID of the user from whom you want to receive money. You can then set the amount and a validity limit for the link. This sends a notification to the user to make the payment to your account.
With the Mi Pay app, you can also transfer money via an account number and an IFSC code, if you have chosen.
Xiaomi says that Mi Pay is considered a key app in their India strategy, and you can already see some of the deeper integrations that have been made here. On the one hand, both the contacts and the SMS apps have the option of transferring money. You can start shopping with Mi Pay in the company's store soon.
Paying Bills with Mi Pay
An additional incentive to using an integrated payment solution app is that it provides an easy way to pay bills, charge cell plans, and more. Mi Pay is no different. With the app you can charge your mobile phone, recognize the circle and the operator based on your phone number. You can then search for plans or enter the reload amount to continue.
The process of paying bills is similar to the process of transferring money to a single recipient. Select the service for which you want to make a payment. Then Mi Pay offers a larger list of all supported operators. In the case of DTH services, this includes all popular operators such as Tata Sky, Videocon, BIG TV, Airtel and more. Broadband operators have similar options, gas payments, etc.
Why should I use Mi Pay?
The biggest advantage of Mi Pay over a third-party app is its deep integration with system apps. By integrating contacts and messaging, Mi Pay makes it easy to send money to your contacts.
Mi Pay lacks the cashback incentives that Google Pay and PhonePe offer to make it a lucrative option for potential users. With the app preloaded on Xiaomi phones, we expect the company expects most users to choose the simpler option and use Mi Pay. It remains to be seen how aggressively Xiaomi is driving service in India.
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Are you already a Xiaomi customer? Would you use Mi Pay through Google Pay or PayTM? If yes why? Let us know in the comment section.