Mi Pay is Xiaomi's answer to Android Pay for China

Xiaomi has introduced its own contact-less payment solution in China. Dubbed Mi Pay, the NFC Based mobile payment service has been launched in partnership with China UnionPay, one of the largest payment networks in the world. Mi Pay supports both debit and credit cards from 20 banks in the country. Moreover, UnionPay cards are now accepted in more than 150 countries around the world apart from China.

Xiaomi smartphone users will now be able to add UnionPay and public transportation cards to their Mi Wallet and leave their actual wallets home. Mi Pay uses NFC, so Xiaomi smartphone like the Mi 5 are now compatible with the service after MIUI 8 update. The Mi 5 also comes with a separate secure element chip which has help it pass the EAL 6+ security test, which checks for any vulnerability to your data and the phone's encryption.

Adding a bank card can be done in 4 easy steps:

• Open Mi wallet App
• Select option to add Bank Card
• Enter Bank Card Details 
• Go through SMS verification for final confirmation

Up to eight cards can be added to a single device and you will also be notified of any discounts, rewards on offer from various banks. 

To make is more secure for the user, you would need to be logged into your Mi Account to add bank cards. Mi Pay also uses tokenization to reduce text credit card information being transmitted and to get the transaction through you would have to verify your fingerprint every single time. If your phone gets lost, you can also turn off Mi Pay from the official website and search for your phone using Mi Cloud.