Xiaomi has unveiled a NFC-based payment service in China called Mi Pay.

The payment system works the same as the Samsung Pay, Android Pay, and Apple Pay. It uses NFC for wireless transmission of payment information via smartphones and aims to remove the use of physical credit/debit cards. Xiaomi has also announced a list of banks that support Mi Pay.

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Currently, the Mi Pay is only available for the company’s Mi 5 flagship for a limited time, Mobile World Live reported. Furthermore, there is a possibility that the company’s upcoming smartphones, like the Redmi 4 and Mi Note 2, will support the Mi Pay out of the box. 

Currently, a limited number of Chinese banks support the service, including China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank. Xiaomi has confirmed that the Bank of China, Industrial and Commercial Bank, China Everbright Bank, Beijing Bank, and Guangdong Development Bank will start supporting the service next month.

Like all other NFC payment services, Mi Pay will allow users to store their details – be it credit, debit, loyalty, gift or membership card details – on their smartphone. Payments can be done by just placing the NFC-enabled smartphone against a compatible reader at the retail outlet. Users only need to tap the phone next to a store's payment reader to charge a credit or debit card. Xiaomi’s wireless payment system also works with some loyalty, gift, and membership cards, according to Android Authority. 

The Xiaomi’s Mi Pay was first announced in April. In July, reports mentioned the service would be branded Xiaomi Pay.

Xiaomi recently also unveiled its Mi Washing Machine as part of the company’s ever expanding home appliance range. The washer can be controlled by a companion Mi app and offers customers 14 different laundry modes to choose from.

TagsXiaomi, mobile payment service, Mi Pay, Xiaomi Mi Pay, apple pay, Mi washing machine