Xiaomi announces that they will soon launch NFC enabled watch straps earlier today. These straps will sync via Mi Pay to offer contactless payments to users. However, the extensive details about the NFC straps are yet to unveil. Meanwhile, the company executive Raghu Reddy posted on Twitter stating that they will work only via Mi Pay. And this move mays see an increase in the adoption of the payment service that the company offers in India.
Xiaomi Watch straps collab with digital payment
Moreover, the launch took place earlier today, at the Global Fin Tech Festival that kicked off earlier today. As part of one of its announcements in a bid to offer services that contribute to digital payments in India, the company’s watch straps were unveils in partnership with RuPay, RBL Bank and Fintech platform Zeta. In addition, the offering might be initially limit to a few specific banks. But, will later expand to offer its contactless payment services to a wide range of users in the long run.
Furthermore, the announcement was in line with the first day of the Global FinTech Festival. which touched upon India’s scope for expansion in the modern, digital finance space. Moreover, a report by News18 cities Rajesh Bansal, CEO of the RBI innovation Hub, as stating that while UPI payments in India stand at around Rs 2.3lakh crore as of 2021. In addition, he reportedly says that only one in five people across the country is actively using digital payments. And says that this reflects on the massive scope of growth that FinTech firms in India have in the immediate future.