This week, the vc.ru portal announced that the Chinese IT giant Xiaomi plans to launch its own Mi Pay system in Russia, which allows users to make contactless payments. The launch is carried out as part of the financial cooperation of Xiomi with the MasterCard payment system. An official representative of the Chinese company said that the launch of the service will take place in the next few months.
The system will work both on modern smartphones and on portable devices of the company that support the contactless payment function. Xiomi representative emphasized that all transactions made by users through the new service will be protected by the tokenization system from Mastercard. When the card connects to the service, a combination of 16 digits is formed for it, associated only with the application on a particular gadget. As a result, the card number is stored only in the system, and not on the smartphone or store server. This measure significantly increases the security of transactions and the safety of funds in user accounts.
