Business In Hi-Tech

Xiaomi and Mastercard introduced Mi Smart Band 4 NFC with contactless payment function in Russia

Xiaomi announced the launch of sales of Mi Smart Band 4 NFC - a special version of the fitness bracelet that supports contactless payment. This innovative product was developed together with Mastercard and is available to cardholders of this payment system. Russia became the first market in the world where this version of the device with full payment functionality was launched.

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The first to use the new device will be holders of Mastercard cards issued by Raiffeisenbank, VTB, Tinkoff Bank, Otkritie FC Bank, Russian Agricultural Bank, Promsvyazbank, Russian Standard Bank, Credit Bank of Moscow, Credit Europe Bank (Russia).

"Mastercard is the first to bring many innovations to Russia and we are constantly working to ensure that convenient payment solutions are available to Russians. Modern technologies with Mastercard give you the freedom of choice and the ability to make payments in the most appropriate way and when it is convenient for you. We are also happy that holders of Russian Mastercard cards will be the first in the world to appreciate the novelty, simply and safely paying with Mi Smart Band 4 NFC bracelets wherever it’s possible to pay using MasterCard contactless technology," - said Alexey Malinovsky, Head of Mastercard in Russia.

"Xiaomi is famous for offering its users innovative products at fair prices. I am sure that the introduction of Mi Smart Band 4 NFC on the Russian market will radically change people's daily habits. Pay for purchases using a fitness bracelet is comfortable, fast and reliable. After trying this once you will never return to the usual payment methods. I want to thank our partner Mastercard and all the banks that believed in us for their assistance," - said Yu Man, Head of Xiaomi in Russia and the CIS.

Payments with the bracelet are protected by Mastercard's tokenization technology which replaces the card number with a 16-digit token. The information is stored in a secure NFC chip developed by NXP company. Unauthorized access to this information isn’t possible and in case of losing the bracelet, Xiaomi has provided a number of protective measures that will protect the user's payment data from unwanted access.

fitness bracelet

Topics: National infrastructure and major projects