XIAOMI AND MASTERCARD ANNOUNCE THE LAUNCH OF MI SMART BAND 4 NFC WITH THE CONTACTLESS PAYMENT FUNCTION IN RUSSIA
- Russia has become the first country where Mi Smart Band 4 with full-fledged NFC payment functionality is available
- The cost of the new device is 3,990 rubles
- The payment function is available to Mastercard cardholders
- The initial list of the partner banks has been announced
Moscow, June 18, 2020– Global technology leader Xiaomi today announced the launch of Mi Smart Band 4 NFC – a special edition of the fitness band with contactless payment technology. This innovative product was developed in collaboration with Mastercard and will be available to the cardholders of this payment system. Russia is the first market in the world to launch this unique version of the device with NFC payment capability.
Mi Smart Band 4 NFC retains all the features that owners of the standard version Mi Smart Band 4 loved – a full color AMOLED display, a water-resistant body (up to 50m), as well as advanced software features: recognition of swimming styles and the ability to control music players directly from the wearable. The new model is completed with an NFC chip where you can make purchases using the contactless Mastercard payment technology.
The holders of Mastercard cards issued by Raiffeisenbank, VTB, Tinkoff Bank, Otkritie Bank, Rosselkhozbank, PSB, Russian Standard Bank, MKB, and Credit Europe Bank (Russia) will be the first to experience this service. The number of issuers which customers will be able to pay with the Mi Smart Band 4 NFC will be added over time.
“Mastercard is the first to bring a lot of innovations to Russia, and we are constantly working to ensure that convenient payment solutions are available to Russians. Modern technologies with Mastercard give freedom of choice and an opportunity to pay in the most suitable way, and when it is convenient for you. We are pleased that the holders of Russian Mastercard cards will be the first to try the new product by simply and safely paying for purchases with Mi Smart Band 4 NFC everywhere Mastercard’s contactless technology is accepted,” Alexey Malinovskiy, Head of Mastercard in Russia, commented.
“Xiaomi is famous for offering its users innovative products at honest prices. With the entry of Mi Smart Band 4 NFC, it will dramatically change the daily habits of people. Paying with a fitness band is comfortable, fast, and reliable. Once you’re used to this convenience, you will no longer return to the usual payment methods. I would like express our appreciation to Mastercard and all the banks that believed in us, and the support they have provided to help us to make technology accessible to everyone,” Yu Man, Head of Xiaomi in Russia and the CIS, said.
To set up contactless payments, a user needs to install the Mi Fit mobile app on a smartphone and add a supported bank card in the corresponding tab (up to 6 cards can be linked). To make a payment with the Mi Smart Band 4 NFC, a user needs to go to the “Cards” menu, select the added bank card and get the device close to a payment terminal.
NFC payments are protected by Mastercard tokenization technology that replaces the card number with a 16-digit token. Information is stored in a securely protected NFC chip developed by NXP. Unauthorized access to this information is not possible, and in case of loss of the device, Xiaomi has provided a number of protective measures that will protect the user’s payment data from unwanted access.
Mi Smart Band 4 NFC can be purchased starting from today at a price of 3,990 rubles. The product is available in the official online mi.com store, recommended partners of Xiaomi, Authorized Mi Stores, as well as in retail chains of Mvideo, DNS, Eldorado, MTS, Megafon, Beeline, Svyaznoy, Wildberries, AliExpress Tmall, Citilink, and Technopark.
Photo gallery of Mi Smart Band 4 NFC
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.
With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.
Xiaomi is currently the world’s fourth-largest smartphone brand, and has established the world’s leading consumer IoT platform, with 252 million smart devices connected to its platform, excluding smartphones and laptops. Xiaomi products are present in more than 90 markets around the world.
In July 2019, the company made the Fortune Global 500 list for the first time, ranking 468th among all, and 7th among internet companies. Xiaomi is the youngest company on the 2019 Fortune Global 500 list. In May 2020, the company made the Forbes Global 2000 List again and its ranking jumped to 384th.