Xiaomi has officially launched NFC-based mobile payment service Mi Pay. It’s initially launched in China last week in collaboration with China UnionPay.
The Mi Pay service will support both bank cards as well as public transportation cards. The transportation cards are only available for 6 cities across the China.
At launch Mi Pay service support debit as well as credit cards from 20 banks including Banks of China, Industrial and Commercial Bank of China, Bank of Communications, China Merchants Bank and China Construction Bank.
“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.”-said Xiaomi Founder and CEO Lei Jun.
Xiaomi users have to add their China UnionPay or public transportation cards to the Mi Wallet app in order the use Mi Pay service. China UnionPay is a similar service like Visa and MasterCard. Currently, Mi Pay is only supported on Xiaomi Mi 5.