Xiaomi is making strides in the FinTech space, and at the Global Fintech Festival, the brand announced its plans for contactless payments.
As per the new plans, Xiaomi will soon announce NFC Mi Pay straps for its smartwatches and Mi bands. This will allow users to experience contactless payments at payment terminals offline. To work in the Indian market, the company has partnered up with NCPI, RBL, and Zeta.
This elevates the hopes that we might finally see NFC versions of the Mi Band in the country and NFC support on Mi smartphones. We recently reported that Xiaomi 11 Lite NE 5G would be the first smartphone from Xiaomi India to support NFC payments. The Mi Pay straps will be available on Mi.com and Mi Stores soon. You need to activate the Mi Pay pre-paid card and activate the straps to pay at stores offline.
Commenting on the new announcement, Raghu Reddy, Chief Business Officer, Xiaomi India, said, “Xiaomi band and smartwatches have always been about your fitness and lifestyle. Since the first Mi Band launch way back in 2015, we have shipped more than 7 million Mi Band and consistently been the number one fitness band for the last 3+ years. Today, I am very thrilled to share that you will be able to use Xiaomi bands and smartwatches for contactless payments. We are working very closely with NPCI, RBL, and Zeta to make this happen very, very soon.”