Xiaomi’s CEO, Lei Jun, announced the company’s NFC based mobile payment at an event last night. The mobile payment service called MI Pay joins other NFC payments such as Google’s own Android Pay, Samsung Pay, and Apple Pay.
NFC payments allows you to store card details (credit, debit, gift, loyalty, and membership cards) on your phone which you can use to pay for items or get access to places without having the physical card with you. MI pay works the same way. All you have to do is to place your NFC enabled phone (after launching the payment app) against the card reader and you’re ready to go.
Xiaomi already has a NFC-enabled phone, the Xiaomi Mi 5. So owners of this phone should soon get the service rolled out to them. The company has announced a number of banks that currently support MI Pay: China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank. They’ve also announced that more banks (Bank of China, Industrial and Commercial Bank, China Everbright Bank, Beijing Bank, and Guangdong Development Bank) will be added in September.
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Following this announcement, Xiaomi’s upcoming flagship devices such as the Mi Note 2 should come with NFC so as to get more people to use MI Pay. [source]