Chinese smartphone and electronics manufacturer Xiaomi has launched its own payments service called Mi Pay. Xiaomi vice president Hugo Barra said that this was the company’s first major foray into financial services.
You name a consumer technology and Xiaomi wants to be part of it especially if Apple and Samsung operate there. After launching Mi Robot Vacuum two days back, the Chinese tech giant has now announced a new contactless payment system for its home market in China, quite expectedly dubbed, ‘Mi-Pay’.
The move was expected sooner or later as Xiaomi recently launched smartphones which have fingerprint scanner and the company already has its own wallet app.
For paying through the Mi Pay service, Xiaomi users will have to add their China UnionPay or public transportation cards to the Mi Wallet app. China UnionPay is a payment network system that works same as the Visa and Mastercard. The new Mi Pay service will currently work only on the Xiaomi Mi 5 flagship Smartphone.
Coming to usage, one can use the app pretty much like all other mobile payment solution users can assign credit and debit cards to Mi-Pay to make contactless payments with. The Mi Wallet app can tie up to 8 cards to one Xiaomi device and its users will also benefit from promos and rewards.