Xiaomi to launch their own NFC-based mobile payment system

xiaomi mi5 unboxing

Xiaomi have announced plans to launch their own mobile payment system. Xiaomi, the chart toppers in China, will roll out the payment infrastructure in their home market.

According to sources, Xiaomi will parter with China’s bank card association, China UnionPay for this.

The payment system will be similar to Samsung’s take on mobile payment. Xiaomi CEO Lei Jun reveals that the payment system (‘Xiaomi Pay’? ‘MiPay’?) will use NFC to accomplish payments.

Domestic biggies including AliBaba and Tencent — with Alipay and services such as WeChat — are gears in the clockwork of China’s mobile payments. Given Xiaomi’s generation rate into the market, their payment service is expected to make mainstream such transfers.

On another note, are mobile payments finally something that could put NFC to use? THere’s forever been a debate about the usefulness of the feature.

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