NXP Semiconductors has signed a deal with Chinese electronics company Xiaomi to collaborate on mobile payments for public transit systems.
As a part of this partnership, Xiaomi introduced its next-generation Mi 5 equipped with NXP’s Secure Element and Near Field Communication (NFC) solution to accelerate the adoption of mobile payments in China.
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The newly launched Mi5 models will allow users to use ‘tap-to-pay’ for travelling, seamlessly enter and exit public transport systems without using a ticket or travel card, and enable balance checking.
The new payment function is already available in Shanghai and Shenzhen. The two companies are also planning to roll out of the new application in more cities.
NXP chief executive Rick Clemmer said: "We’re excited to partner with Xiaomi, a true innovator in the mobile and internet space. Given the rapid expansion of China’s mobile payment market and our strong collaboration with a world-class partner such as Xiaomi, NXP is well positioned to capture the huge potential of this market."
Xiaomi founder, chairman, and CEO Lei Jun said: "We’re delighted to adopt the most advanced NFC technology in Mi5, which will offer reliable security and performance to support the city transit system with mobile transaction functionality.
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By GlobalData"Both companies, Xiaomi and NXP, share the vision to drive the development of China’s smart transit systems whilst simultaneously improving user experience."
