Xiaomi enters digital payments market, expands handset manufacturing

The move comes a year after the Chinese consumer electronics major had entered the digital lending space in India, with the launch of a 'Mi Credit' product, earlier in 2018

Leading smartphone player Xiaomi has entered the fast-growing digital payments market with its Mi Pay service, the company announced on Tuesday. Primarily an UPI (Unified Payments Interface) —based mobile application, the Mi Pay service will be accessible to all MIUI — its mobile user interface — users in India.

The MIUI interface — spread across SMS, contacts, scanner, app vault, and settings in Xiaomi handsets — will also allow several utility payments ranging from phone bills, phone recharges, water or electricity bill payments through the payments service. The firm has partnered ICICI Bank as its payment service provider. Consumers can