XIAOMI TO LAUNCH PAYMENT SERVICE IN INDIA: Chinese smartphone provider Xiaomi is reportedly launching Mi Pay, its digital payments service, in India, according to BusinessLine. The firm has tested the country’s Unified Payments Interface (UPI), which is a government-based interface that enables users to send and receive bank-based payments through smartphones, and it is currently waiting for approval from the Reserve Bank of India (RBI) for the launch. Mi Pay launched in 2016 in China in partnership with UnionPay, the state-affiliated Chinese card network, to provide contactless payments through debit cards from 20 different Chinese banks. It makes sense for Xiaomi to look to India for growth, as the Indian payments space provides a major opportunity for payment providers — only 14% of adults in India make mobile payments on a weekly basis, and only 6% do so daily — which is bringing companies to the market. And as the second-largest smartphone seller in India, holding a combined 60% share of the market with Samsung, Xiaomi could have an advantage if it integrates Mi Pay directly into its phones, allowing it to gain immediate access to millions of consumers.


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