Xiaomi Mi Pay

2019: Xiaomi and Mastercard agreed about cooperation and start of Mi Pay in Russia

On June 6, 2019 it became known that with Xiaomi and MasterCard signed the agreement on strategic partnership in Russia. The agreement within which the parties are going to work on distribution of payment innovations and start in Russia of a digital payment service of Mi Pay. The document was signed by Liu Li, the head of technology division of Xiaomi Financial, and Alexey Malinovsky, the head of MasterCard in Russia.

Start in Russia of a digital payment service of Mi Pay will give to the Russian users of mobile devices of Xiaomi and holders of cards of MasterCard an opportunity with convenience to perform purchases and also to receive different bonuses and privileges. Mi Pay will be compatible to the latest models of smartphones and wearable devices of Xiaomi supporting NFC.

From the moment of official arrival of Xiaomi to Russia in 2016 we aim to give to our Mi to fans good impressions of use of our products. We bring our communication with users to higher level thanks to partnership with Mastercard, starting convenient and safe payment system Mi Pay, noted Liu Li, the head of technology division of Xiaomi Financial

Mastercard does business in Russia more than 20 years, and we constantly work on that the advanced solutions of the global payment industry were available to Russians. We are glad that holders of cards of MasterCard in our country will be able to use Mi Pay service and that users of the Xiaomi smartphones which number constantly and quickly grows will have an opportunity conveniently and to safely pay purchases. Russians are very susceptible to innovations and as showed our research, nearly 70% of respondents already consider the smartphone the most convenient tool for contactless payment,

The transactions made through Mi Pay are protected by developments of MasterCard in the field of security, in particular – technology of tokenization. The platform of tokenization Mastercard allows to integrate the high level of protection into mobile payment services. When using the MasterCard card in Mi Pay, its number it is not stored neither on the mobile device, nor on servers of Xiaomi, nor at trade and service companies. Instead at connection of the MasterCard card to Mi Pay service the unique token – a 16-unit combination of digits tied to the application on a certain device is created.