Xiaomi in partnership with China UnionPay has announced the NFC-based mobile payment service – Xiaomi Mi Pay in China. Mi Pay supports debit & credit cards from 20 banks from 12 banks and public transportation cards from six cities across China. For your information, China UnionPay is one of the world’s largest payment networks.
Commenting on the launch, Xiaomi founder and CEO Lei Jun said:
“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.”
With this announcement, Xiaomi becomes the first smartphone company in the world which supports contactless payments through both – bank cards & public transportation cards.
Xiaomi Mi Pay uses NFC technology and the smartphone like Xiaomi Mi 5 has in-built NFC chip with a separate secure element chip that has passed the EAL 6+ security test. As of now, Xiaomi Mi Pay currently works with Mi 5 with the latest MIUI 8.
To add a card, users have to open Mi Wallet App and after that, select the option to add a bank card. After selecting the option to add a bank card, enter the bank card details and as soon as you add it, you get a SMS verification for final confirmation. At a time, you can add eight cards in a single device and Mi Pay users get benefit in form of promotions & rewards offered by the banks.
To protect credit card information, Xiaomi Mi Pay uses tokenisation and it makes users to verify fingerprint for maximum security. In case, if device is lost users can turn off Mi Pay through the official website & they can find their device using Mi Cloud.
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