The MI Pay service will leverage NFC technology that will let consumers pay bills by simply holding their smartphones near point-of-sale terminals. Xiaomi’s NFC-based public transport payment system is also integrated into the MIUI 8.
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Just like its apparent rivals, Samsung Pay and Apple Pay, Xiaomi struck a deal with China UnionPay, the leading banking and card industry association in China, to launch the Mi Pay.
“We don’t have global rollout plans now”, said a Xiaomi spokesperson to CNET.
Xiaomi Corp would turn out to be the first Chinese smartphone company to give mobile payment services on its devices.
“At launch, 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”, Xiaomi adds. However, Mi Pay will only be available in China right now and has tied up with Bank of China and Union Pay, a card network in China.
Much like other mobile payment solutions, the Mi Pay will use the NFC technology.
Xiaomi said in a statement to state-run Global Times that over 10 major banks have agreed to let their customers link their bank cards to Mi Pay. Jun said that China UnionPay is committed to establishing a partnership with various stakeholders. The company’s payment service now joins the likes of Android Pay, Samsung Pay and LG Pay, mobile payment services which have been announced at an earlier date. The card numbers are verified by clicking on a link sent by SMS, and each device will hold up to eight cards. Talking about the app front, you should sign into your Mi account to add a new card.
If the scanner fails to detect a fingerprint, the relevant transaction will not be approved.
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As of today, UnionPay cards are accepted globally in 150 countries and regions. The company has released Mi Pay in China, as promised.
