Xiaomi enters the crowded payments space in India with the launch of Mi Pay

In a press event in New Delhi, Xiaomi announced its new payments service in India, Mi Pay. Mi Pay is a mobile payments service based on the country’s UPI platform.

Unified Payments Interface (UPI) is a real-time mobile payment system facilitating inter-bank transactions developed by the National Payments Corporation of India (NPCI). Founded in 2008, the NPCI is a not-for-profit owned by a consortium of major banks and an umbrella organization for operating retail payments and settlement...

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