Xiaomi CEO, Lei Jun, unveiled the company’s NFC based payment service for China called Mi Pay, according to Gizmo China.
The Chinese vendor will join a gaggle of smartphone vendors which have either launched, or plan to launch, payment services, including Apple, Samsung and Huawei.
The report said the service is initially limited to the vendor’s single NFC-enabled smartphone, the Xiaomi Mi 5. The payment service is not currently available on the device but is expected shortly, presumably via an update. Upcoming flagship devices including the Mi Note 2 are expected to feature NFC.
The company has announced a number of banks that support Mi Pay: China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank.
In addition, Bank of China, Industrial and Commercial Bank, China Everbright Bank, Beijing Bank, and Guangdong Development Bank will be added in September.
Xiaomi previously said it was partnering with China Unionpay on Mi Pay but this latest report carries no mention of the country’s dominant card processor.