Xiaomi is officially releasing their very own mobile payment platform today and at launch, the service will only be supported by the Xiaomi Mi 5 but the company is looking to expand support for Mi Pay to other MIUI devices. Xiaomi's Mi Pay platform will primarily support China Union Pay debit and credit cards from 20 regional banks in China.

In addition to supporting Union Pay cards, Xiaomi is proudly stating the their platform is the first to support public transit cards in 6 China cities. In terms of how Mi Pay will work, it is basically using NFC to transmit the tokenized data. Xiaomi says that they have put in place some security measures like requiring you to sign into a Xiaomi account in order to use Mi Pay to prevent misuse of the credit/debit card data.

Right now, Mi Pay is only exclusive to China and there's no word if Xiaomi plans to bring their platform outside of their home country.


ORIGINAL SOURCE: HUGO BARRA