24 January 2018
visit www.ebaday.com

Xiaomi wins support of 20 banks for mobile payments launch; Huawei joins crowded market

01 September 2016  |  11968 views  |  1 Xiaomi mobile payments

Chinese handset manufacturer Xiaomi has launched its first mobile payments and transport ticketing smartphone with the support of China UnionPay and 20 of the country's largest banks.

At launch, Mi Pay supports credit cards from 20 banks and debit cards from 12 banks including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank. The phones are also capable of storing public transportation cards from six cities across China.

Binding a bank card to Mi Pay takes four steps: Open the Mi Wallet app, select the option to add a bank card, key in the bank card details, and go through SMS verification for final confirmation.

Hardware security is applied through the Secure Element. Mi Pay also employs tokenisation to protect plain text credit card information, and makes users verify their fingerprint when logging in.

Up to eight cards can be tied to any one device and subscribers also stand to benefit from promotions and rewards offered by the banks.

Xiaomi is joining a crowded field of combatants in the Chinese mobile payment market, competing for business with Apple and Samsung as well as local tech behemoths TenCent and Alipay.

Hot on the heels of the Xiaomi launch, rival handset manufacturer Huawei has also shipped its first mobile payments service, again with the backing of China UnionPay.

Huawei Pay will be linked to the firm's smartphones and other wearable devices and supports more than two dozen banks. The Huawei Mate S, which launched last year, is the first Huawei device to support the new payment capabilities and has a fingerprint sensor and security chip.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 02 September, 2016, 12:56

Good to see Xiaomi brining transport payment. Indian MNOs lost market cap as well as competition from recent launch of Reliance Jio can take lesson from this business case and increase its ARPU.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China's Mobvoi adds contactless payments to smartwatch

China's Mobvoi adds contactless payments to smartwatch

06 June 2016  |  7713 views  |  0 comments | 6 tweets | 7 linkedin
Samsung Pay strikes Chinese deal with Alipay

Samsung Pay strikes Chinese deal with Alipay

20 May 2016  |  11291 views  |  0 comments | 9 tweets | 13 linkedin
Chinese handset maker Xiaomi preps NFC-payments service

Chinese handset maker Xiaomi preps NFC-payments service

27 April 2016  |  5775 views  |  0 comments | 7 tweets | 6 linkedin
Samsung Pay takes on Apple in China

Samsung Pay takes on Apple in China

29 March 2016  |  6596 views  |  0 comments | 9 tweets | 10 linkedin
China's Tencent hints at huge WeChat mobile payment volumes

China's Tencent hints at huge WeChat mobile payment volumes

18 March 2016  |  11791 views  |  0 comments | 19 tweets | 19 linkedin
Apple Pay ready to play in China; LG Pay launch rolled back

Apple Pay ready to play in China; LG Pay launch rolled back

16 February 2016  |  6805 views  |  0 comments | 9 tweets | 10 linkedin
Apple and Samsung set to take on Chinese tech firms with m-payments launch

Apple and Samsung set to take on Chinese tech firms with m-payments launch

18 December 2015  |  7772 views  |  0 comments | 7 tweets | 9 linkedin
China UnionPay unveils mobile payments service

China UnionPay unveils mobile payments service

15 December 2015  |  9700 views  |  1 comments | 17 tweets | 15 linkedin
Chinese handset maker trials interest-bearing mobile wallet

Chinese handset maker trials interest-bearing mobile wallet

18 March 2015  |  4951 views  |  2 comments | 6 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.thomsonreuters.infovisit www.ebaday.com

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9808 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9500 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8539 views comments | 17 tweets | 11 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7044 views comments | 6 tweets | 9 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7040 views comments | 13 tweets | 25 linkedin

Featured job

Find your next job