Xiaomi Mi Pay officially joins crowded digital wallet space with robust local bank support
Despite reaching a tremendous historical milestone with the low-cost Redmi smartphone lineup, Xiaomi is expected to encounter great difficulty in its mission to beat last year’s sales numbers, as the Chinese OEM remains reluctant of a proper global expansion.
But at least domestically, the “Apple of China” looks finally ready to take some chances, tackling a few fledgling industry segments which could prove immensely profitable down the line. The Xiaomi VR “Toy Edition” is one such intriguing experiment, while the public beta launch of Xiaomi Mi Pay was first rumored way back in February, alongside similar services from Huawei or ZTE.
In the meantime, Huawei Pay rolled out on a limited scale in China, and now, Xiaomi Mi Pay is doing the same, with standard NFC support and capabilities, as well as pretty solid local bank involvement.
Thanks to a partnership with UnionPay, the only domestic bank card organization, which surprisingly spread its wings to Canada the other day, Xiaomi’s proprietary digital wallet solution can already work for clients of the China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank.
Before long, a bunch of key players in the regional financial game will join the partner slate, including Bank of China, Beijing Bank, and the Industrial and Commercial Bank. Not bad… for a start.