Xiaomi, otherwise known as the Apple of China, has made it official that it will be entering the ever-growing mobile payments industry with a new service in its home country of China.
According to the OEM, it will be working together with the country’s national bank card association that goes by the name of UnionPay. The deal will see the former put up a mobile payment service that will work with the company’s set of mobile devices. This is basically the same thing that is happening with the likes of Apple, Samsung and LG, although the latter has yet to make its services official. Apple has Apple Pay and it became available in China this year February. Samsung Pay, a mobile payment service offered by Samsung, reached the country the following month of March, however, just like Apple’s service, these two have remained exclusive to their platforms, something that Xiaomi wants to emulate.
Samsung Pay is strictly available for Samsung devices, more so, it is only available in the latest models. Apple Pay is also exclusive to Apple devices. On the other hand, there is Android Pay by Google, which works on all Android devices with NFC and are powered by the latest Android 6.0 Marshmallow. This means that Android Pay can be used on all of these platforms.
Xiaomi’s mobile payment service to be called Quick Pass
Xiaomi will call its mobile payment system Quick Pass. With the service, users of Xiaomi handsets in China will be able to make mobile payments at any NFC-supported point of sale terminal. This will mean that users must, first of all, link their cards to the said Quick Pass account.
The introduction of Quick Pass means that the Chinese market now has three services dealing with mobile payments. This is as a result of the huge number of mobile phone users in the country. One question that begs answers is whether Xiaomi will succeed in the same market where top players such Apple and Samsung also have their services – only time can tell whether or not this will happen.
There is no official date of when this new Quick Pass service will be availed to the public.