Tag: china mobile payments

This makes the company the latest smartphone maker to step into that Chinese market.

Xiaomi Mi Pay has launched in China. This has added yet another mobile payments option for consumers in the country. It also means that Xiaomi has become the latest in a series of smartphone makers offering a mobile wallet in China.

The Mi Pay mobile payments service is a contactless payments system using NFC technology.

So far, Xiaomi Mi Pay supports debit cards from 12 banks and credit cards from 20 banks. These include China Merchants Bank, China Construction Bank, Bank of Communications, Industrial and Commercial Bank of China, and Bank of China, among others. According to Xiaomi, a smartphone user will be able to add up to eight cards to their mobile wallet.

Lei Jun, CEO and founder of the company, said “We believe that Mi Pay will be a key driving force in promoting the development of China’s mobile payments industry, and deliver much more convenience to our users.”

Xiaomi Mi Pay jointly launched with the China UnionPay state-run nationwide mobile payments system.

There are already a number of large scale mobile payments systems that have launched in China and around the world. Among the biggest names include Apple Pay, Samsung Pay and WeChat Pay from Tencent, as well as Alipay from Alibaba. These are all available in the largest smartphone market in the world, which is the Chinese marketplace.

Mi Pay users will also be able to take advantage of added mobile wallet features. Aside from debit and credit cards, they can also add public transportation cards. This way, they can avoid the need to dig a card out of a wallet or bag when they likely already have their smartphones in their hands.

In order to use Xiaomi Mi Pay, the smartphone must be near field communication (NFC) enabled. The NFC technology makes it possible for the device to communicate the necessary information with either a tap against the reader or by waving the device in front of it. In the name of mobile security, the NFC technology using smartphones underwent tests to ensure they could withstand a range of non-invasive and invasive attacks to break through encryption and reach private data. Moreover, this mobile wallet uses multiple authentication mechanisms to verify transactions.

In China nearly two thirds of all shoppers are now regularly using wallet apps to complete purchase transactions.

A new report revealed that almost two out of every three Chinese consumers use smartphone mobile payments regularly. The report was aimed at better understanding the country’s internet development. China Internet Network Information Center conducted the study and revealed the results of its data analysis.

The report showed 64.5 percent of Chinese smartphone owners use mobile payments to buy products.

That figure represents about 424.5 million people in China. These figures are as up to date as June 2016, which represents some very recent insight into this smartphone mobile payments trend. It also shows an increase in usage of 7 percent since December.

Aside from mobile wallet use, the report on the study also stated that there are 710 million internet users in China. This is nearly double the entire population of the United States. An estimated 656 million internet users connect to it via mobile devices.

The rapid growth in smartphone mobile payments is credited to the quick development of the necessary infrastructure.

The ecosystem needed in order to implement mobile wallets was adopted very swiftly in China, said the report. Recently, Samsung Pay and Apple pay have also entered the mobile payments market in China. This has given the sector’s growth a shot in the arm.

A rising number of manufacturers such as Xiaomi and Huawei launch NFC technology enabled smartphones. The result is a greater compatibility with many mobile payments tech requirements. Near field communication is the technology behind many large mobile wallets such as Apple Pay. The more consumers have NFC enabled smartphones, the greater the ability to actually use the mobile payment apps.

According to IDC research firm senior analyst, Michael Yeo, “Mobile payments have become a part of life in China now, driven by a combination of factors including e-commerce and mobile commerce, and services such as taxi-hailing apps.”

Yeo also explained that the success of smartphone mobile payments is as great as it is as the Chinese market is less influenced by legacy payment methods. Credit cards and banking cards are not as ingrained in Chinese society. Moreover, many people in the country use the internet exclusively over mobile devices.