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Xiaomi Now Lets You Commerce Gold in India By way of Mi Pay App on Android

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Clients even have the choice to securely retailer the gold in a vaulting agency operated by a Mi associate.

Xiaomi India has launched a ‘gold buying and selling’ characteristic through its Mi Pay app for Indian customers, which can enable customers to commerce with the gold commodity in actual time. The characteristic comes with the newest replace on the Mi Pay app, and can give customers the choice to securely retailer the 24-karat bodily gold in a vaulting agency operated by a Xiaomi associate. Customers can also get it delivered within the bodily kind securely, if that’s the case desired. Moreover, customers can even observe their gold steadiness and get it exchanged for jewelry from Xiaomi’s associate jewellers.

Because the introduction of Mi Pay in India, the Chinese language firm added many options within the app, similar to prepare and flight bookings, life insurance coverage buying, and even sourcing of verified credit score stories, to call a couple of. For the brand new gold buying and selling characteristic, Xiaomi has partnered with gold funding startup, Safeguard. The transfer will increase the general suite of monetary providers on supply by Xiaomi in India, although the app is primarily availed by Xiaomi customers solely.

The Mi Pay service was first launched in India as a beta model in December 2018. Not like the unique, Chinese language model that used NFC, the Indian model makes use of UPI, web banking and debit/bank cards to hold out transactions. Whereas the service went dwell for Xiaomi’s personal customers in March 2019, it was out there for all Android customers by October 2019, through the Google Play Retailer.

Presently, over 100,000 folks have already downloaded the Mi Pay app. Going ahead, it will likely be attention-grabbing to see whether or not Xiaomi, by way of its new gold buying and selling characteristic within the Mi Pay app, will be capable of compete with the likes of Paytm, Google Pay and PhonePe.

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