Recently, Xiaomi had filed for a new trademark application for a “Xiaomi Pay.” Now, this trademark’s status has been officially changed to registered. In other words, the company was successful in filing for the finance based platform.

The trademark in question was initially applied back in April 2021. Furthermore, the Chinese tech giant had recently also filed for trademarks under the “Mi Pay” name as well. These had an international classification and were under the financial property management category. Although, since the company had recently dropped its “Mi” branding officially, it would make sense that it might even rename its Mi Pay platform to Xiaomi Pay.

Previously, the company had also announced that an NFC based Mi Pay straps for its wearable devices for contactless payments. For those unaware, the Mi Pay is a financial property management that seeks to offer users a simplified payment system that can be accessed via the brand’s products. This includes gadgets with and without the support for NFC. With the new trademark, the brand might change the name from Mi Pay to Xiaomi Pay, however, that is still speculation. So take this report with a pinch of salt for now and stay tuned for more updates.

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The post Xiaomi has successfully registered ‘Xiaomi Pay’ trademark 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.

Yesterday, Apple officially unveiled Apple Pay in China, which is one of the most important markets for the Cupertino giant. However, it looks like Apple may not be the only smartphone company in China to work on a mobile payment service. IHS Analyst Kevin Wang revealed late last night that Chinese tech giants like Xiaomi, Huawei, ZTE etc are all planning to release their own payment service in the country.

So, Chinese users could soon be flooded with a number of options for paying at a store. Given their experience in the local market, they could very well provide features which are more convinient to its users. Could this be why Xiaomi decided to bring back NFC on the Mi 5 flagship?

RELATED: Xiaomi CEO confirms a bunch of features on the Mi 5

Lei Jun, the CEO of Xiaomi, confirmed via a screenshot that the phone will come with NFC. Back in 2014, the company had said that there weren’t enough NFC users for them to include it inside its Xiaomi Mi 4 flagship. But looks like a feature like Xiaomi Pay can be a compelling reason for the company to incorporate NFC inside its latest flagship.

As of now, Xiaomi has not revealed anything about a possible feature like Xiaomi Pay. But let’s wait for the official announcement of the Mi 5, which is on February 24, for more details.

Stay tuned.

The post Xiaomi, Huawei & ZTE To Release Payment Service Like Apple Pay, Says Analyst appeared first on Gizmochina.