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.
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.
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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.
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.