Xiaomi and China UnionPay, one of the world’s largest payment networks, jointly launched Mi Pay today, introducing a revolutionary way to pay with Xiaomi smartphones in China. At launch today, Mi Pay supports debit and credit cards from 20 banks.
At the same time, Xiaomi announced that it now supports public transportation cards from six cities across China. With this, Xiaomi has become the first smartphone company in the world to support contactless payments through both bank cards and public transportation cards.
Users can simply add their China UnionPay and public transportation cards to the Mi Wallet app, eliminating the need to bring their wallets out and making it even more convenient to go about their daily lives.
As China’s only bank card association operating an interbank transaction settlement system, China UnionPay is now one of the world’s largest payment networks, alongside Visa and Mastercard.
Xiaomi founder and CEO Lei Jun said: “China UnionPay is a leader in the payments industry with global influence. In the field of mobile payments, China UnionPay has been committed to collaborating with various stakeholders to build a structured and sustainable ecosystem. After cooperating with China UnionPay over the past three years, Xiaomi is now truly excited about our joint partnership to launch Mi Pay. We believe that Mi Pay will be a key driving force in promoting the development of China’s mobile payments industry, and deliver much more convenience to our users.”
At launch, Mi Pay supports credit cards from 20 banks and debit cards from 12 banks including those from Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.