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Xiaomi enters digital payment space, expands handset manufacturing

Chinese Smart Device Maker Xiaomi On Tuesday Announced Its Foray Into The Digital Payment Segment With Launch Of MiPay App And Expansion Of Its Mobile Manufacturing.

PTI | Updated on: 20 Mar 2019, 05:41:52 PM
Xiaomi enters digital payment space, expands handset manufacturing (file photo)

New Delhi:

Chinese smart device maker Xiaomi on Tuesday announced its foray into the digital payment segment with launch of MiPay app and expansion of its mobile manufacturing.

“We have introduced our innovative MiPay service for our consumers in India. MiPay serves as the ultimate solution to a variety of consumer payment needs, hence empowering millions of Xiaomi users with access to digital payments. Thus, acting as an equaliser providing a seamless experience across all smartphones,” Xiaomi India Chief Operating Officer Muralikrishnan B said.

He said there are security concerns around data of individuals, hence, the company stores all MiPay data in India. The company has received approval from the National Payments Corporation of India (NPCI) and has partnered ICICI bank for the service.

Xiaomi announced partnership with electronics manufacturing services firm Flex to expand its mobile production in the country.

“We are proud to announce that we’ll be officially unveiling a new manufacturing plant in India in collaboration with Flex. We now have 7 smartphone manufacturing plants across 4 campuses in India with the recent one spanning 1 million square feet in Sriperumbudur,” Xiaomi India Managing Director Manu Kumar Jain said.

The company also announced partnership with Navitasys India Pvt Ltd, a TDK group subsidiary to manufacture Mi Power banks locally. The Chinese firm claims that 99 per cent of its mobile phones sold in India are manufactured locally.

Xiaomi officials said the company is also bringing the component ecosystem to India and 65 per cent of the value of the smartphones is sourced locally. The company also unveiled a 4G smartphone RedmiGo for Rs 4,499 with Rs 2,200 cashback offer from Jio. The handset will be available from March 22 through its own website, Flipkart and Mi Home stores.

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First Published : 20 Mar 2019, 05:41:21 PM