When Piketty came to India
Thomas Piketty, the French economist and author of the famous book Capital in the Twenty First Century, was recently in India. He delivered a lecture on the state of inequality globally as well as in India.
Chinese handset maker Xiaomi on Wednesday introduced a new payment option, powered by Google Tez, for its online consumers buying devices via official Mi.com and Mi Store app.
Users on Mi.com and the Mi Store app would see an option to select Tez and pay conveniently using their Tez UPI IDs. They can pay directly from their bank accounts online for any purchase that they make.
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Xiaomi says that their Mi.com on average gets over 21 million unique visitors in one month and over 1 million daily active users. Also, Mi Store app on Google Play has over 20 million app installs with more than 6 million organic downloads to date.
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“Our vision is to bring innovation to everyone and our integration with Tez is another step forward in this direction. Xiaomi is currently the number one smartphone brand with a dominant online smartphone market share of 50.8%, of which a significant portion is attributed to Mi.com. With this new payment option, we hope to provide an even better purchasing experience that is truly cashless,” said Raghu Reddy, Head – Online Sales, Xiaomi India.
Sujith Narayanan, Head of Partnerships and Business Development for Tez, said, “We are delighted to bring a seamless mobile web payment experience through Tez to Xiaomi customers on Mi.com. As a merchant partner for the Tez for Business program, all Xiaomi customers can now seamlessly and securely pay with any bank account stored in their Tez account on their phone.”
Google had launched its UPI-based Tez payments app in India in September that was built for India. Working on the vast majority of the country’s smartphones, the app is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
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