Xiaomi has official revealed the features of the MI Pay payment platform which they are working on in partnership with UnionPay China. The MI Pay will be officially launched on September 1 and ahead of that launch ceremony, MI Pay’s key features have been announced.

Xiaomi in announcing the features, stressed that the MI Pay goes beyond the functions of Apple Pay in that it is the world’s first payment platform to support debit or credit cards, bus card and mobile phones.

In the first instance, the MI Pay is said to support more than 10 bank’s credit and debit cards as well as Xiaomi Bus card. The Bus card service is already being tested in some some Chinese cities and provincial areas. Both the bank card and bus card services will be officially available after the September 1 press conference.

Read More: Xiaomi’s CEO Announces NFC Mobile Payment MI Pay

Xiaomi’s MI Pay, just like the Apple Pay uses the same NFC technology and both platforms sports similar looking interface and the process of add the debit or credit card to the MI Pay is very simple, by just opening the Xiaomi Mi Wallet application and clicking on your bank, if it is among the supported banks and the option of linking your card comes up. Thereafter, you’ll then need to add your card details like the card number, expiration date, your phone number, and the card type. A verification code is then sent to the registered phone number.

Xiaomi’s MI Pay is presently supported by China Construction Bank, Bank of Communications, China Merchants Bank, Huaxia Bank, Minsheng Bank, Ping An Bank, and Industrial Bank. Xiaomi has also hinted that more banks like Bank of China, Industrial and Commercial Bank, China Everbright Bank, Beijing Bank, and Guangdong Development Bank will be added in September.

The post Xiaomi Says MI Pay will Support Credit & Debit Cards, NFC & Bus card appeared first on Gizmochina.

Xiaomi registered the Beijing Xiaomi Payment Technology Ltd in December 2013 with a quoted capital investment of 50 million Yuan. Last year, Xiaomi wallet was launched as a beta money market fund on Xiaomi phone. It was only made available to Xiaomi phone users running developer build in China. The Xiaomi Wallet is expected to support online shopping payment, accessing of personal credit information, financial products, and third-party payment.

Xiaomi had also earlier this year announced plans to partner with China UnionPay to launch its own mobile payment tech to work exclusively on its own smartphones.The partnership is obviously to expand the functions of the Xiaomi Wallet. Thus with this move, more payment functions are expected to roll into the payment app this fall according to reports.

In a related development, the Xiaomi team indicated that fingerprint payment is also being worked. When that happens, users of Xiaomi smartphones with fingerprint sensors will be able to pay by fingerprint. 

Its no surprise Xiaomi is making strong efforts to develop its own payment platform. The convenience of making payments is very important for monetizing any content or services on mobile. Mobile payment has become a strategic tool for some Chinese tech companies such as Tencent and Alibaba and more financial products are expected to be created based on it.

The post New version of Xiaomi Wallet app with more features coming appeared first on Gizmochina.