Xiaomi Mi Pay Mobile Payment System Launched in China

The Chinese smartphone maker, Xiaomi, held a press conference this afternoon in China. Where the brand has officially launched the Mi Pay mobile payment system. The company touts that it’s mobile payment service is superior to Apple Pay as it will support bank cards as well as the bus card. As they claim to be the first in the industry to do so.

The Mi 5 would be supporting both of these features. Note that using this feature would require the device to have NFC functionality. According to the statement released by the company, it would be supporting 20 Banks covering most of the major banks. While remaining ones would be added later.

Currently, the Bus card support is available for Shanghai, Beijing, Guangdong, Wuhan and Suzhou six cities. Users can expect the cities to be expanded in future. Do make a note that Mi 5 users with MIUI 8 would only be able to use Mi Pay. While the support for remaining models is expected to arrive soon.

Earlier: Just after almost two weeks from the initial announcement, the company is now all set to launch it’s Mobile Payment service. Xiaomi’s CEO, Lei Jun announced the company’s mobile payment service Mi Pay at an event. This is the new NFC-based payment system from the company. This service will be launched on September 1st, which is just two days from now.

It will be first available in China and later will make way to other countries as well, with support from more banks. Stay tuned for more info on this.

Earlier: The mobile payment system is slowly coming up, and consumers are still trying to get used to it. However, the adoption rate in some countries is still not good. But still, it is not stopping companies from coming up with their own mobile payment system. We already have Google’s own Android Pay, Samsung Pay, and even Apple Pay. On the same lines, Xiaomi is also joining the list now.

Xiaomi’s CEO, Lei Jun announced the company’s NFC-based mobile payment at an event last night. This new service is called MI Pay. So, if you don’t know how NFC payments work, well, it allows you to store card details on your phone. This can be used to pay for the item you purchase and all you will need is your smartphone. No need to carry your credit or debit cards anymore. So essentially, MI Pay also works the same way.

So it will be as simple as placing your NFC-enabled smartphone on the card reader and be done with it. So talking about NFC-enabled smartphones, Xiaomi Mi5 is one of them for the company and price for the smartphone also just dropped officially in China. So the smartphone to get this support in near future. Also, it is expected that all the smartphones coming in future from the company will also have this particular feature so that it could support the new service.

Xiaomi has announced a number of banks that currently support MI Pay, and it includes a bunch of them like China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank. The company also reported that the list would be updated with more support from other banks in near future.

With that being said, the upcoming smartphone from Xiaomi i.e. the Mi Note 2 should also be coming with NFC and hence will support this service. But we don’t have any info on this, so stay tuned for more info on this soon.

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