King of China’s smartphone market, Xiaomi, launches its first payment system on Sept. 1. Introduced to the world just two weeks ago, the system is called Mi Pay and will join smartphone payment systems, like Android Pay, Apple Pay, Samsung Pay and LG Pay, among others, in the Chinese marketplace. Mi Pay will be an NFC-based payment service.
Xiaomi is certainly no “one-trick pony.” In fact, the brand is known for innovation and “smart” inventions, from the fitness space with trackers and scales to home goods, like umbrellas and rice cookers.
Mi Pay will be available on Xiaomi devices and only in China to start, but other countries will be added over time. A number of Chinese banks — Bank of Communications, China Construction Bank, China Merchants Bank, Huaxia Bank, Industrial Bank, Minsheng Bank and Ping An Bank — have already bought into the idea. PYMNTS previous reported that Xiaomi teamed up with UnionPay as well and continues to follow this story with PYMNTS’ Payments as a Service Tracker.