As a key part of this collaboration, Xiaomi introduced its next-generation flagship Mi 5 equipped with NXP’s secure element and NFC solution, which will help accelerate the adoption of mobile payments in China.
The newly launched Mi5 models will allow customers to use tap-to-pay for travelling, seamlessly enter and exit public transport systems without using a ticket or travel card, and enable simple balance checking all while ensuring payment security. The new payment function is already available in Shanghai and Shenzhen, and NXP and Xiaomi will join efforts to promote roll out of the new application in more cities.
It is reported that there are currently 400 million transit cards in circulation in China, and many card holders are expected to transition to more convenient and secure payment solutions, such as mobile payments via smartphones.
The Mi5 smartphone has adopted NXPs NFC and secure element solutions, which are designed to address specific transit use cases and ensure a seamless consumer experience using RF performance and security.
According to PBoC statistics, 4.5 billion mobile transactions worth 18 trillion RMB occurred in Q3 2015, an increase from the previous year of 253% and 194% respectively. As China continues to urbanize over the next decade, the market for smart payment technology in urban transit systems is expected to increase.
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