Xiaomi Mi Pay mobile payment service announced

Xiaomi in partnership with China UnionPlay, has announced Mi Pay mobile payment service. It is a NFC based payment solution that works with both credit and debit cards.

The Mi Pay works with 20 different banks including Bank of China, Industrial & Commerce Bank of China, China Construction Bank, Bank of communications, China Merchants Bank etc. This payment solution also supports public transportation cards from 6 cities across China.

Currently Mi Pay works with Xiaomi Mi5 smartphone running on MIUI 8. The phone houses NFC chip along with a separate secure element chip that has passed the EAL 6+ security test.

This NFC based payment solution uses tokenization to secure plain text card info. It also asks users for fingerprint verification for maximum security. In case the device is lost or stolen, the Mi Pay can be turned off from its official website. Moreover, users can also find their device using Mi Cloud.

Xiaomi Mi Pay imag e-1

Adding a card for Mi Pay is very simple

  • Open Mi Wallet and select Bank Card
  • Select Add Bank Card
  • Add the Bank card details, including Card Number and verification information
  • Go through the verification process
  • followed by Bank card binding complete message

Currently, up to 8 cards can be added to a single device. Those who use Mi Pay will also get promotional and reward offers from the bank.

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.

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