Xiaomi is bringing “gold trading” to its Mi Pay app in India. Mi Pay is Xiaomi’s UPI-based “one-stop payments solution” for Android customers competing with the likes of Google Pay, Paytm, and PhonePe. With the addition of gold buying and selling, Mi Pay customers in India will now be capable to purchase and promote 24-karat gold via Xiaomi’s cellular utility. The Mi Pay app can even act as a “vault” for storing gold nearly. Xiaomi has tied up with gold funding startup SafeGold to allow gold buying and selling in Mi Pay. Brink’s India is Xiaomi’s associate for safely storing the gold.
Xiaomi launched Mi Pay in India in March 2019 as a beta utility for MIUI customers. MIUI is the software program that drives all Xiaomi telephones, besides Android One and Android Go fashions just like the Mi A3 and Redmi Go. Although, down the road, Xiaomi made the app accessible for all Android customers — you’ll be able to obtain and set up it from the Google Play Retailer — at its coronary heart, Mi Pay makes extra sense for the corporate’s personal gadgets.
It’s because Xiaomi has built-in Mi Pay into its core UI so customers can entry it throughout the board, from the default messaging app, to their cellphone’s settings. The app additionally comes pre-installed on all Xiaomi telephones.
Xiaomi has partnered with ICICI Financial institution as cost service supplier for Mi Pay and “consumers can effectively make payments using UPI and other debit cards, credit cards and internet banking across 120+ banks and over 120 billers,” utilizing the cellular utility. The app additionally permits customers to “digitally” pay their utility payments along with making cellphone recharges. With time, Xiaomi has additionally launched prepare and flight bookings plus an possibility to purchase life insurance coverage instantly from the app. Gold buying and selling is one other characteristic that Mi Pay customers could make use of now.
The Mi Pay app is permitted by the NPCI and “provides the most safe and secure transactions with all data stored locally in India servers in an encrypted format,” in response to Xiaomi.