Chinese smartphone manufacturer Xiaomi has finally launched its own mobile payment service. Just like Samsung, Google and Apple, Xiaomi can also boast of its own payment service, ‘Mi Pay’. This ensures it can now compete actively with the likes of Android Pay, Apple Pay and Samsung Pay.

The Mi Pay is as per now only available in China and not as widespread as the other mobile payment services. But considering the Xiaomi is interested in expanding in other markets around the globe with its phones, it won’t take long before you see Mi Pay services expand in other markets.

 the Mi Pay service will be able to support both debit and credit cards from over 20 banks including the Bank of China. The Mi Pay service which is powered by the NFC can also be used for public transportation trips across all the six cities in China.

The Xiaomi mobile payment service Mi Pay will definitely help increase revenue and even lock all the existing xiaomi users into its ecosystem so that whenever they are interested in purchasing another mobile phone, they are more likely to purchase the xiaomi device once again.

However, the service is limited and only available in China and can only work on the xiaomi Mi 5 mobile phones. The Xiaomi mobile payment service ‘Mi Pay’ is able to hold up to eight cards per user and it operates just like the Apple Pay for the initial set up and usage.