Xiaomi’s MiBand Now Supports Contactless Payments Via Alipay In China

Huami, the maker of Xiaomi’s MiBand, has tied up with Alibaba’s payment service Alipay to develop wristwear with incorporated contactless mobile payments.
Xiaomi MiBand
Users will be able to connect their MiBands with their Alipay accounts, and will be able to make payments by placing the device near an Alipay client without entering a password.
The transactions will only be processed when the MiBand is connected to a user’s smartphone via Bluetooth, and the wearable will use industry standard encryption to secure payments.
While the MiBand isn’t the first smart wearable to support NFC payments, it comes at a time when Apple is all set to launch its Apple Watch which will allow users to make payments via Apple Pay.
Further, the Alipay-MiBand payment is restricted only to China, but could make its way to outher countries in the future. Alibaba on the other hand is looking to partner with more manufacturers to bring contactless payment via Alipay to more wearables.
The most discerning factor of the MiBand is its cost, which opens up the contactless payment market to a much wider user base, as opposed to the Apple Watch. Even today, not all devices sport NFC chips, meaning the MiBand can make it possible to bring contactless payments to even users of these phones.
Google and Samsung are the two other major technology companies that are trying to crack contactless payments, and while the former has supported Google Wallet for quite some time now, it’s failed to garner support that Apple Pay has enjoyed so far.
[via: TechNode]

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