Xiaomi introduces Google Tez as payment option on its e-commerce platform

To enhance the cashless experience, Chinese smartphone major Xiaomi has introduced a new payment service Google Tez on its e-commerce platform Mi.com and Mi Store app.

The integration will allow users to opt for a cashless transaction option on Mi.com and the Mi Store app. Google Tez is based on the Unified Payments Interface (UPI) platform by NPCI payments platform for the country.

Earlier, this month Xiaomi announced that it is willing to get into the business of NBFCs, payments bank, leasing and financing including other payment services such as payment gateway, settlement systems operators, and mobile virtual network operators.

Entrackr tried to access the newly launched service and found it functional on Xiaomi's e-commerce website Mi.com as well as on Mi Store app.

"As a merchant partner for Tez for business programme, all Xiaomi customers can now seamlessly and securely pay with any bank account stored in their Tez account on their phone," said Sujith Narayanan, Head of Partnerships and Business Development, Tez.

Mi.com on average gets over 21 million unique visitors in one month and over 1 million daily active users. Mi Store app on Google Play has over 20 million app installs with more than 6 million organic downloads to date.

Users can pay directly from their bank accounts online for any purchase that they make, further cementing Xiaomi's commitment to contribute to the "Digital India" initiative.

Google had launched its UPI-based Tez payments app in India in September, which is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).

Google also launched Datally, a mobile data manager that will help you monitor, save, and gain control of your data in India. The app lets users track and control app data usage and allow them to turn on or off data while using any particular app.

Xiaomi is bullish on the Indian internet market where it has emerged as the frontrunner in the smartphone space. Besides, it plans to redefine the Indian market with a steep revenue of $2 billion, twice the amount from 2016.

Besides payment, Chinese smartphone major also plans to sell electric vehicles, apparels, lifestyle products, and toys in India.

The report was first published in Business Standard.