Xiaomi has finally announced the new mobile payment system, of which some news had already leaked in the past months. The Chinese giant will work in partnership with China UnionPay and has promised even more features and functionality than Apple Pay.
Xiaomi Mi Pay, which uses NFC technology (just like Apple Pay and Android Pay), will support 20 12 bank and XNUMX debit cards, as well as public transport cards, thus eliminating the need to bring the portfolio with them.
Lei Jun, CEO and founder of Xiaomi is proud of the partnership with the giant China UnionPay established after three years of fruitful collaboration that led to the construction of "a structured and sustainable ecosystem". Jun is firmly convinced that Mi Pay will be fundamental for the development of the payment industry in China and that it will make the life of all users who use the new service more comfortable.
Pay Pay will use "tokens" to protect your credit card information and will require fingerprint verification as an additional layer of security. Users will also have the option to disable Mi Pay from the Xiaomi site in case they lose their device.
Attaching a Mi Pay card will be easy: after opening the Mi Wallet app it will be enough to select the option that will allow you to add a card and enter the bank details. After a quick SMS verification, the app will be ready for use. Each user can add up to 8 cards per account. For the time being, the only device that supports the app is it Xiaomi Mi5, being the only smartphone with an NFC chip inside it.
Source | gizchina.com
