For Xiaomi mobile phones to support MI Pay, they must meet the following three basic conditions:

1. The mobile phone supports NFC function

2. The mobile phone supports fingerprint recognition function

3. Those with security encryption chips

Currently, Xiaomi mobile phones that meet these three conditions include Xiaomi 5, Xiaomi 5s/5sp, Xiaomi mix, and Xiaomi note2

It is said that the upcoming Xiaomi 5c also supports mi pay.

Xiaomi Pay (MI Pay) is a mobile payment function jointly launched by Xiaomi Technology and China UnionPay. It was officially released on September 1, 2016.

The first batch of Xiaomi Pay will support credit cards and debit cards from more than 10 banks, and the "pay with mobile phone" function is similar to Apple Pay. Users participating in the public beta show that Xiaomi Pay's "bus payment" function has been launched in Shenzhen and Shanghai, and bus cards and subway cards in four provinces and cities are being tested. Both services will be officially launched after the press conference on September 1, 2016. In October 2016, the Industrial and Commercial Bank of China officially announced its support for Mi Pay.

In December 2013, Xiaomi invested 50 million yuan to establish Xiaomi Payment Technology Co., Ltd., with Lei Jun serving as chairman and CEO.

On April 21, 2016, Xiaomi announced a cooperation with China UnionPay, and the outside world had already speculated that it would promote the implementation of Xiaomi Payment.

On June 1, 2016, Xiaomi Children’s Insurance was launched, which is the first insurance under Xiaomi Pay.

On August 12, 2016, Xiaomi launched internal testing in the MIUI8 system and invited users to participate in the trial test of Xiaomi payment products.

On August 30, 2016, Xiaomi Technology announced the launch of "Xiaomi Pay" with China UnionPay.

On September 1, 2016, Xiaomi Pay was officially launched, and the first batch of credit cards and debit cards were cooperated with 20 banks.

The credit cards include: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, Everbright Bank, Hua Xia Bank, Minsheng Bank, China Guangfa Bank, Ping An Bank, Industrial Bank, Shanghai Pudong Development Bank, Shanghai Bank, Bank of Beijing, Bank of Jiangsu, Bank of East Asia, Bank of Nanjing, Huishang Bank, Shunde Rural Commercial Bank, Bank of Lanzhou and other 20 banks.

Debit cards include: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, Everbright Bank, Minsheng Bank, China Guangfa Bank, Ping An Bank, Industrial Bank, Shanghai Pudong Development Bank, Bank of Shanghai 12 bank.

In October 2016, the Industrial and Commercial Bank of China officially announced its support for Mi Pay.