NFC Times Exclusive Insight – Adding mobile payments capabilities to flagship smartphones appears to be a must-have feature as OEMs fight for market share in China’s hotly contested phone market.
The latest to join the "OEM Pay" club is Xiaomi with its Mi Pay mobile payments service, which it hopes will help it stay competitive as it seeks to find ways to reverse its sinking smartphone sales. It had signaled the planned launch last spring.
Xiaomi officially announced the service this week on its Weibo account, which was actually a follow-up to earlier statements by the CEO, who months ago signaled that Xiaomi planned to launch its own mobile payments service to compete with Apple Pay, Samsung Pay, Huawei Pay and other forthcoming mobile payments services in the country. China’s near-monopoly bank card network, UnionPay confirmed the move in April in a press release, announcing that it was working with Xiaomi.