Xiaomi India has introduced a ‘gold trading’ feature via its Mi Pay app for Indian users, which will allow consumers to trade with the gold commodity in real time. The feature comes with the latest update on the Mi Pay app, and will give consumers the option to securely store the 24-karat physical gold in a vaulting firm operated by a Xiaomi partner. Users may also get it delivered in the physical form securely, if so desired. Additionally, users can also track their gold balance and get it exchanged for jewellery from Xiaomi's partner jewellers.
Since the introduction of Mi Pay in India, the Chinese company added many features in the app, such as train and flight bookings, life insurance purchasing, and even sourcing of verified credit reports, to name a few. For the new gold trading feature, Xiaomi has partnered with gold investment startup, Safeguard. The move increases the overall suite of financial services on offer by Xiaomi in India, though the app is primarily availed by Xiaomi users only.
The Mi Pay service was first launched in India as a beta version in December 2018. Unlike the original, Chinese version that used NFC, the Indian version uses UPI, net banking and debit/credit cards to carry out transactions. While the service went live for Xiaomi's own users in March 2019, it was available for all Android users by October 2019, via the Google Play Store.
Currently, over 100,000 people have already downloaded the Mi Pay app. Going forward, it will be interesting to see whether Xiaomi, through its new gold trading feature in the Mi Pay app, will be able to compete with the likes of Paytm, Google Pay and PhonePe.