Sohu IT, 8/30/16
Chinese Android device maker Xiaomi recently announced that it will hold a press conference on September 1 to launch its near-field communication (NFC) mobile payment system Mi Pay, developed in partnership with Chinese cross-bank transaction processor China UnionPay. Mi Pay will also support bank cards and public transportation cards.
Xiaomi and China UnionPay previously announced their partnership in April 2016, and Xiaomi invited users to beta test the Mi Pay payment system on August 12, concurrently with beta testing for its MIUI 8 mobile operating system.
A representative for Xiaomi said that Mi Pay will initially support credit cards and debit cards from more than 10 banks.
Users participating in the beta test said that the public transportation card swiping function is already working in Shenzhen and Shanghai and is also being tested for use with public transportation and subway systems in four other locations.
Mi Pay payment functions will be formally activated after the September 1 launch event. Payment functionality is currently only available for Xiaomi Mi 5 smartphones equipped with an NFC chip.
Editor's Note: For more information on the partnership between Xiaomi and China UnionPay, please see China UnionPay, Xiaomi Ally to Develop NFC Mobile Payment Product, MD 4/21/16 issue.