Xiaomi made a contactless payment tool from a strap for wearable devices

In India, a press event was held at the Global Fintech Festival, during which Xiaomi showed an interesting accessory. This is a strap for wearable electronics, and what makes it special is the built-in NFC module for contactless payments. The name of it is NFC Mi Pay Strap.

This is all we know about the new product. At the moment, the company has limited itself to only showing the strap and indicating that it will offer support for NFC technology, and the module necessary for its operation is built directly into the strap. It is also promised that it will appear soon. But when exactly and with what devices it will work is not reported.

At the moment, there is information that the NFC Mi Pay Strap is focusing primarily on the Indian market and will become part of the Mi Pay system. The company is currently negotiating with local financial companies RBL, RuPay and Zeta.

The idea itself is interesting, but it remains to wait for details about it, especially in terms of how the identification of the person will be carried out. It is also not very clear why this accessory is aiming primarily the Indian market, where contactless payments are not very popular, and the company prefers to bring smartphones without NFC here. Whether this product will appear outside of India is unknown.

Xiaomi co-founder and CEO Lei Jun has shared plans for the development of the smartphone business. The Chinese company intends to further strengthen its position in the global market.

According to Counterpoint Technology Market Research estimates; 323.1 million smartphone devices were sold globally in the second quarter of this year; which is 17% more than in the same period of 2020. The leader is the South Korean giant Samsung, which controls about 18% of the industry. Xiaomi was able to move up to the second place, ahead of Apple: their shares were 16% and 15%, respectively.

Note that in the period from April to June inclusive, Xiaomi sold more than 52 million smartphones. For the first time, according to the results of the quarter; this company took the second place in the ranking of the leading players in the world market.

As Mr. Jun has now stated, Xiaomi intends to become the leader in the smartphone market. Moreover, the company is going not only to take the first place; but also to keep it for a long time.

Analysts say Xiaomi’s results will largely depend on its success in markets outside of its native China. In addition, experts point out the need to simplify the labeling scheme for the company’s devices.