Xiaomi Mi Pay mobile payment system announced

Xiaomi Mi Pay

Xiaomi has finally announced their new mobile payment system called Xiaomi Mi pay, of which we had heard rumors a few months back. The Chinese giant will work in collaboration with China UnionPay and promises more features than Apple Pay.

Xiaomi Mi Pay, which employs NFC technology — just like Apple Pay and Android Pay — will support credit cards from 20 banks and debit cards from 12 banks, plus public transportation cards. Thus eliminating the need of bringing out your wallet, if you use the Mi Wallet app.

China UnionPay is a leader in the payments industry with global influence. In the field of mobile payments, China UnionPay has been committed to collaborating with various stakeholders to build a structured and sustainable ecosystem. After cooperating with China UnionPay over the past three years, Xiaomi is now truly excited about our joint partnership to launch Mi Pay. We believe that Mi Pay will be a key driving force in promoting the development of China’s mobile payments industry, and deliver much more convenience to our users.Xiaomi founder and CEO, Lei Jun

How does Xiaomi Mi Pay work?

Mi Pay will use tokens to protect credit card information, and will ask for users’ fingerprint verification for security. Users will also be able to turn off Mi Pay through the Xiaomi website if they lose their device.

Xiaomi Mi Pay

Binding a bank card to Mi Pay takes just four steps: Open the Mi Wallet app, select the option to add a bank card, key in the bank card details, and go through SMS verification for final confirmation. Users will be able to add up to 8 cards per account.

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Xiaomi Mi Pay

As of now, the only Xiaomi device capable of adopting the new payment system is the Xiaomi Mi5, being their only smartphone boasting a NFC chip.
Said that, it’s safe to assume that next Xiaomi handsets will feature NFC, allowing Mi Pay to spread out much more easily.

Xiaomi Mi Pay will only be available in China.

Anyhow, what are your thoughts on Xiaomi Mi Pay and mobile payment systems in general? Do you already use any them? Let us know in the comments below.

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