Xiaomi announced its own mobile payment service a few days back and now it is confirmed that Xiaomi will officially launch it on September 1. Initially, it will be available in China and later it will be introduced in other countries.
Xiaomi has already partnered with most of the banks in China including Bank of Communications, China Construction Bank, China Merchants Bank, Huaxia Bank, Industrial Bank, Minsheng Bank and Ping An Bank.
Mi Pay works similar to every other NFC based mobile payment services and there is nothing special to note about this. It uses NFC to connect and make payment.
Chinese users regularly use mobile wallet products for purchasing products like groceries and taxi rides. Most popular options are non-bank wallets such as AliPay which controls over two-thirds of non-bank wallet market in China.
Another interesting thing is that Xiaomi has a partnership with Alibaba for including Ali Pay service in Xiaomi’s Amazfit smartwatch. If Xiaomi already planned the launch, why Xiaomi didn’t include its own payment service in its first smartwatch?
