Xiaomi Launches Mi Pay In China

xiaomi-Mi-payXiaomi, one of the fastest growing tech startups in the world, Thursday launched a smartphone enabled payment system -Mi Pay – in China in association with UnionPay, the country’s largest payments network.

The Mi Pay payment system allows users to make payments at various merchandise establishments just by using the Mi Wallet app of their Xiaomi phone. At the back-end, the Mi Pay system integrates with the users’ bank debit or credit cards.

At present Mi Pay supports credit cards from 20 banks and debit cards from 12 banks including those from Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.

Not only that, Xiaomi said it has also forged a similar association with China’s public transport system so that commuters can pay for their journey tickets using the Mi Wallet. This facility is available at six Chinese cities at present.

“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,” said Xiaomi founder and CEO Lei Jun.

Mi Pay uses NFC (near field communication) technology to enable a contact-less payment. All Xiaomi smartphones with NFC (for example, Mi 5) have a built-in NFC chip and are capable of offering Mi Pay service.

Instead of having to swipe a card when making payment, users just have to hold their device near China UnionPay’s QuickPass-enabled POS terminals at the stores and the bank card details will pop up. After fingerprint verification, the device is then activated and can be used as a bank card. Users can complete their transactions just by holding their smartphone near the POS terminal with a finger on the fingerprint scanner.   Up to eight cards can be tied to any one device.

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