The app is integrated with finger print scanner and can hold upto 8 cards per user.
Moreover, the new Mi Pay is powered by NFC which Xiaomi claims can be used for public transportation trips across six cities in China.
"After cooperating with China UnionPay over the past three years, Xiaomi is now truly excited about our joint partnership to launch Mi Pay. 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 CEO Lei Jun said.
As of now, the service is limited to China and currently only accessible on Xiaomi Mi 5 but is expected to be extended to other Xiaomi devices soon.
Recently Xiaomi has been facing tough competition from Huawei and new entrants like LeEco. As a result, the company lost its spot as the top handset manufacturer of the company. While the company hit a commendable sale figure of 70 million units, it still fell short of its earlier targeted 100 million sale figures last year.
Additionally, company has also expanded and is being experimenting in areas like Vacuum Cleaners, Notebooks and even a drone. Just earlier this week Xiaomi launched its own smart watch and Mi Robot Vacuum.
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