Allowing users to make transactions through UPI, the payment app has gained 14 million registered users in five months
Xiaomi, India’s number 1 smartphone and smart TV brand announced that its UPI payment solution app – Mi Pay has acquired over 18 million users since its launch in February 2019. The payment solution app has also registered more than 14 million users.
A faster, safer and reliable source of money transfer using UPI, Mi Pay allows users to make various kinds of transactions such as transfer money, request money, pay bills – electricity, phone, water, gas etc. Moreover, for ease of use, MI Pay can be used to make transactions across any UPI payment apps
With transactions done worth INR 200 crore, 90% Mi Pay users in India used the payment app primarily to transfer funds to friends and family. The data analysis also states that the average ticket size of transactions via Mi Pay on Mi.com is Rs. 3,400, whereas the average ticket size of fund transfers on Mi Pay is Rs. 1,300. Another astounding feat is the 1.4 million UPI IDs created on Mi Pay within launch.
Commenting on the achievement, Muralikrishnan B, Chief Operating Officer, Xiaomi India said, “We are thrilled to achieve more than 18 million users in a span of just five months. Mi Pay has emerged to be one of the most reliable and easiest ways to pay for millions of MIUI users in India. Not only this, since its launch in India, more than 1.4 million UPI IDs were created on Mi Pay, further contributing to government’s vision to boost digital economy”
Serving as a one-stop solution for consumers’ payment needs, Mi Pay is primarily a UPI-based application, deeply integrated within Xiaomi’s MIUI interface across SMS, Contacts, Scanner, App Vault, and Settings. Mi pay UPI has been approved by NPCI under the multi bank API model and it has been audited by CERT-IN empanelled auditors E&Y and Lucideus. Mi Pay provides the most safe and secure transactions with all data stored locally in India servers in an encrypted format.