Making Payments on Fingertips!

Mobile payments are seeing the light of day now more than ever with Payleven and Tapp’s recent news of significant funds raised earlier this year. After Xiaomi’s fresh launch of smartwatch Amazfit, the Chinese electronics company is making headlines once again with, Mi Pay, a new mobile payment service.

How does it work?

For Mi Pay, Xiaomi has collaborated with UnionPay, a payment firm currently dominating the Chinese market. The mobile payment service is launched with support for debit and credit cards from 20 Chinese domestic banks including the big players like Bank of China.

Along with this, Mi Pay is powered by NFC and can be used for public transportation trips across six cities in China.

Xiaomi claims that the Mi Pay service can hold up to eight cards per user. Although it has many boons, the payment service currently looks limited as it is only available in the Chinese market, and is compatible with just one phone i.e. the Mi 5.

Also Read: Chinese Tech Giant Xiaomi Introduces Its First VR Headset

Do you think the mobile payment service will soon make its way into the Indian market? Please share your thoughts in the comments section below.
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