After Apple, Samsung, Google, and LG, Xiaomi has been anticipated to announce its own mobile payment service. No need to wait that long as the Chinese OEM recently introduced its NFC based mobile payment called as MI Pay. We knew about this since last May and we’re excited to see the result of the company’s partnership with UnionPay. This is Xiaomi’s first ever venture in this area and we’re expecting it will be another success.

Officially called as MI Pay, this service takes advantage of NFC connectivity. Most mobile devices today feature NFC so it only makes sense that Xiaomi uses it to work for the payment service. In a special event earlier this week, Xiaomi unveiled MI Pay to allow owners of the Xiaomi Mi 5 phone to pay and finish shopping transactions in an easier and faster way. Placing the Xiaomi phone near a terminal or card reader is enough to pay for whatever goods and services.

Right now, the service is available only for the Xiaomi Mi 5. Xiaomi has started to work with other banks in China including the Industrial Bank, Ping An Bank, Minsheng Bank, China Construction Bank, and Bank of Communications among others. More banks will soon follow as early as next month.

MI Pay will require you to store card information on your smartphone so you can pay for items. You can add your credit card, debit, loyalty, membership, or any gift card available. This means you can leave all those physical cards at home or not take it out of your wallet since everything is stored on your phone via the MI Pay app.

VIA: MyDrivers