Chinese smartphone maker Xiaomi has unveiled Mi Pay, an NFC-based mobile payment service expected to be made available on the Xiaomi Mi 5 handset with support from a number of the country’s banks.
The financial institutions include China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, China Minsheng Bank, Ping An Bank and Industrial Bank, Gizmochina reports. Bank of China, Industrial and Commercial Bank of China, China Everbright Bank, Bank of Beijing and Guangdong Development Bank will also support the mobile payment service from next month.
“Xiaomi already has an NFC-enabled phone, the Xiaomi Mi 5,” the publication says. “So, owners of this phone should soon get the service rolled out to them.”
Reports emerged in April 2016 that the handset maker was planning to launch an NFC-based mobile payment service with China UnionPay. The announcement follows the unveiling of handset manufacturer Huawei’s Huawei Pay NFC service in March 2016.