By Aisling Finn on Friday 19 June 2020
After first launching in Russia, the plan is to expand further into Europe later on this year.
Mastercard and Chinese tech company Xiaomi have announced a partnership with Dutch communication company NXP to introduce more convenient and secure contactless payments technology to Russia.
NXP’s cloud-powered mWallet 2GO and Near Field Communication chip will power the contactless capabilities for Xiaomi’s new smartwatch, the Mi Smart Band.
Sam Jiang, director of international product and technology for Xiaomi, said: “Xiaomi and NXP have cooperated in the promotion of innovative mobile payments in China since 2012.”
“Extending our collaboration into Europe reflects the increasing focus on mobile lifestyles by people around the globe.”
Users will be able to connect their bank cards to the Mi Fit app on both Android and iOS and will be able to make transactions securely using the smartwatch.
Rafael Sotomayor, executive vice president and general manager of connectivity and security at NXP, said: “NXP is the first in the industry to offer the full scope of mobile wallet development with mWallet 2GO.”
“As the worldwide impact of COVID-19 leads to an increase of contact-free transactions at a rapid pace, NXP’s leading hardware technology, software, and ecosystem integration bring convenient and secure contactless payments to Xiaomi and other mobile devices.”
The move is the first step in the team’s European-wide roll-out of NXP’s mobile wallet solution, and the first time a Chinese firm has attempted to bring its mobile payment solutions to the continent.