Chinese tech giant Xiaomi has launched its mobile payment system, Mi Pay. Xiaomi said that Mi Pay became available to all Xiaomi users on Sept.1.

Just like its apparent rivals, Samsung Pay and Apple Pay, Xiaomi struck a deal with China UnionPay, the leading banking and card industry association in China, to launch the Mi Pay. The Mi Pay supports both debit and credit cards from at least 10 Chinese banking and financial institutions.

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Prior to the launch of Mi Pay, Xiaomi launched an NFC-based payment system for public transportations. The service was a joint venture between Xiaomi and UnionPay. The service was launched in April, and it currently operates in two cities: Shanghai and Shenzhen.

According to Tech Node, the Mi Pay is integrated into MIUI 8, Xiaomi's customized user interface which is based on the Android mobile operating system. Xiaomi's NFC-based public transport payment system is also integrated into the MIUI 8.

Xiaomi's foray into the mobile payment industry started in 2013 when the company registered a payment service firm. However, it was only in January this year that the company finally obtained a license to operate following the acquisition of local online payment service company Ruifutong.

Although mobile payment system is a relatively a new market in China, local tech giants like Tencent and Alibaba have already made significant traction in creating their respective services. Alibaba's Alipay reportedly has more than 450 million active users. On the other hand, Tencent's WeChat Payment has more than 300 million accounts as of March.

TagsXiaomi, Xiaomi mobile payment, mobile payment service, Xiaomi Mi Pay, Mi Pay