Xiaomi has official revealed the features of the MI Pay payment platform which they are working on in partnership with UnionPay China. The MI Pay will be officially launched on September 1 and ahead of that launch ceremony, MI Pay’s key features have been announced.
Xiaomi in announcing the features, stressed that the MI Pay goes beyond the functions of Apple Pay in that it is the world’s first payment platform to support debit or credit cards, bus card and mobile phones.
In the first instance, the MI Pay is said to support more than 10 bank’s credit and debit cards as well as Xiaomi Bus card. The Bus card service is already being tested in some some Chinese cities and provincial areas. Both the bank card and bus card services will be officially available after the September 1 press conference.
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Xiaomi’s MI Pay, just like the Apple Pay uses the same NFC technology and both platforms sports similar looking interface and the process of add the debit or credit card to the MI Pay is very simple, by just opening the Xiaomi Mi Wallet application and clicking on your bank, if it is among the supported banks and the option of linking your card comes up. Thereafter, you’ll then need to add your card details like the card number, expiration date, your phone number, and the card type. A verification code is then sent to the registered phone number.
Xiaomi’s MI Pay is presently supported by China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank. Xiaomi has also hinted that more banks like Bank of China, Industrial and Commercial Bank, China Everbright Bank, Beijing Bank, and Guangdong Development Bank will be added in September. [source]