Smartphone maker Xiaomi and China’s state-sponsored domestic bank card organization China UnionPay will together design a mobile payment product for Xiaomi smartphones.
According to Xiaomi CEO Lei Jun, the company will develop Near Field Communication (NFC) for safe and convenient mobile payment services. However, the company has not revealed any timeframe for the project.
Xiaomi and China UnionPay already together offer the mobile payment functions with the latter’s QuickPass service, which allows users to complete transactions by placing their mobile phones near the card slots or the NFC reading areas of compatible point-of-sale (POS) terminals.
Mobile payment systems are on a rise in China. Alipay, the mobile payment arm of Alibaba is the biggest player in the field. Xiaomi plans to partner with Alipay to allow payments via wearable devices.
Besides Alipay, Apple launched its Apple Pay in China in February and Samsung’s payment system kicks off next month. Google too is rumored to be targeting China next year with a China-specific version of its Google Play app store. A month ago, Huawei Pay was launched at a press conference in Shenzhen with Bank of China.