Xiaomi has added support for BMW cars to the Mi Wallet car key function. The new feature expands the functionality of the Xiaomi 12S Pro on the Android platform. Subsequently, the BMW Digital Key now includes Huawei, Xiaomi, Honor, Vivo, and OPPO brands. The digital key applies to more than 10 of BMW’s latest models. The models include the BMW 3 series, the BMW 5 series, and the pure electric BMW iX3.

Back in September 2022, the BMW Group stated that it is extending the scope of application of the digital key. The move will see the digital key function being compatible with more brands and also applicable to more BMW models. The digital key becomes operational when the user places the upper end of the smartphone close to the sensing area on the driver’s side door handle to unlock the vehicle with one touch. There is no need to connect to the internet after activation. The feature even works when the mobile phone has a low battery. You can thus unlock the door and start the vehicle even in the absence of a cellular or wireless network.

The Xiaomi Mi wallet car key function support for BMW cars is an impressive feature that does not require the internet to operate. The BMW Digital Key originally launched with iOS devices including iPhone 11 and the Apple Watch Series 5 and higher versions. It subsequently incorporated Android compatibility and uses the My BMW app.

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The Xiaomi Sichuan private bank will focus on serving individual consumers, small and medium-sized companies, as well as those engaged in the agricultural sector. One of the major investors is New Hope Group, China’s largest animal-feed producer and it holds a 30 percent stake in the company while Xiaomi controls a 29.5% stake via its subsidiary.

The business strategy seems to be tied around relying on New Hope’s sprawling agricultural presence and Xiaomi’s roughly 200 million users, which would enable the Xiaomi Sichuan private bank offer better financial services.

According to a recent Weibo post by Xiaomi’s CEO Lei Jun, the joint venture bank will also offer internet banking services. This could give Xiaomi an edge over its rival in the ever increasing race to offer online financial payment services by China’s mobile phone companies. Xiaomi recently launched  the Xiaomi Wallet, an internet money-market fund service and is working on its Mi Pay, a payment platform with a wide range of services.The six-year old innovative start up is also said to be building an ecosystem where internet financial services will play a key role in connecting partners and sustaining users. Internet heavyweight – Alibaba also has its own payment platform – AliPay as well as Tencent with its own TenPay.

Read More: Xiaomi Says MI Pay will Support Credit & Debit Cards, NFC & Bus card

Already the bank has got its key officials in place and a board has been put in place with them having their inaugural meeting. This no doubt marks the beginning of a new direction of internet banking. Lei Jun also hints that the bank will be opening its doors to customers soon.

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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.

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