TECH

xiaomi nfc enabled watch straps: Xiaomi’s new innovation! Watch Belt will pay, know how and in which watches the technology will work – xiaomi soon to be launch nfc enabled watch straps offer contactless payments to users

Written by admin

xiaomi nfc enabled watch straps: Xiaomi’s new innovation! Watch Belt will pay, know how and in which watches the technology will work – xiaomi soon to be launch nfc enabled watch straps offer contactless payments to users

Xiaomi announced that it will soon launch an NFC enabled watch strap in India that will be synced via Mi Pay to offer contactless payments to users. At present, not much details have been revealed about the NFC straps. Company executive Raghu Reddy posted on Twitter that they will only work through Mi Pay, and the move is likely to see an increase in adoption of the payments service the company offers in India.

The launch took place today at the Global Fintech Festival, as part of one of its announcements to offer services that contribute to digital payments in India. To power the device, the Xiaomi Watch Strap has been introduced in partnership with RuPay, RBL Bank and fintech platform Zeta. The offering may initially be limited to a few specific banks, but in the long run it will be expanded to offer its contactless payment services to a wider range of users.

The announcement was in line with the first day of the Global Fintech Festival, which touched on India’s expansion into the modern, digital finance space. A News18 report quoted Rajesh Bansal, CEO, RBI Innovation Hub, as saying that UPI payments in India are estimated to be around Rs 2.3 lakh crore by 2021, but will increase to Rs 6.2 lakh crore by 2025 – hence the potential Roop is growing at a CAGR of 22% over the next four years. Bansal reportedly said that only one in five people across the country are actively using digital payments right now, adding that this reflects the wide range of growth that fintech firms in India will have in the immediate future. Is.

See also  poco c31 price: Save the Date! Poco C31 to be launched on September 30, know features-price details

Bansal also underlined how India’s GDP ratio of 14.1 per cent is far behind the OECD countries’ ratio of less than 5 per cent. With devices like the Xiaomi NFC Watch Strap for contactless payments, more users in India may start adopting online financial services as the ease of making payments increases. As of now, the straps do not have a launch date or price tag in the country, and even its exact launch date is not known. It’s also unclear which watches the NFC straps will work with, and it will be interesting to see if they bring contactless payments to analog watches.

#xiaomi #nfc #enabled #watch #straps #Xiaomis #innovation #Watch #Belt #pay #watches #technology #work #xiaomi #launch #nfc #enabled #watch #straps #offer #contactless #payments #users

Rate this Article

About the author

admin

Leave a Comment

close
%d bloggers like this: