Chinese smartphone maker Xiaomi has launched its own mobile payment service Mi Pay in India.

The Chinese firm received regulatory approval to introduce the service in December last year.

The Unified Payments Interface (UPI)-based payments application will enable Xiaomi users to send money to any UPI address and bank account in the country.

Furthermore, the payment app, according to the company, would be available for all Xiaomi smartphones running its proprietary MIUI OS based on Android.

Xiaomi has teamed up with ICICI Bank and PayU to launch the payment service in the country.  ICICI Bank will act as the payment service provider for the service.

The service will enable its users to make payments using UPI and other debit cards, credit cards and internet banking across more than 120 banks and over 120 billers.

Using Mi-Pay, the users will also be able to pay for many utilities including water bill, electricity bill, phone bills, DTH recharge and phone recharge.

To ensure there is no data breach, the company has decided to store all user-generated data in a highly encrypted format within the India-based cloud infrastructure.

The Chinese smartphone forayed into the Chinese mobile payments market in April 2016 in collaboration with China UnionPay.