Xiaomi has teamed up with Cashify to launch a new program meant to let its customers swap their old smartphone for a brand new one at any Mi Home nearby. Called "Mi Exchange," the program allows Xiaomi users to grab a new handset in exchange for their old mobile device and pay for any price difference depending on the cost of the new phone against that of the old handset.
Cashify, which operates the phone exchange program at all Mi Home stores, will work to determine the right price for the device to be exchanged, which will be based on several factors including the current condition of that phone and market conditions. In order to determine the resale value of a mobile phone, the Cashify team will use its native app on Xiaomi devices to do the necessary calculations, with an e-receipt for the old phone set to be given to the customer through Cashify. In case the price of your old phone is higher than that of the new device you want in exchange, the program will also offer returns depending on various market factors and allow you as well to take advantage of discount offers for newer Xiaomi handsets. Keep in mind, though, that Cashify allows only one device within its portfolio to be swapped with a Xiaomi phone, assuming it is available at the Mi Home store you visit. It is also worth pointing out that customers will not be able to haggle over the proposed exchange price by the staff at Mi Home stores.
The program also offers a pickup service for the old phones if necessary, with the customer being responsible for scheduling it. Once this step is completed, a Cashify representative will collect the smartphone on a set date and time and hand the payment to the customer. Although the exchange program involves the mobile devices built by Xiaomi, the Chinese original equipment manufacturer has nothing to do with any issues regarding the program and only Cashify has the responsibility to address such matters. Xiaomi said earlier this year that it plans to open more than 200 Mi Home stores in China in 2017 alone, and later announced its first Mi Home store in India as well.