Alibaba's Ant Financial & Xiaomi shake hands to build wearable mobile payment system

World's gigantic smartphone makers Xiaomi and Alibaba Group Holding Ltd's finance wing Ant Financial, later this Thursday announced a new joint venture to develop a mobile payment system using wearable technologies, a first for China's major tech firms.
Alibaba’s Ant Financial & Xiaomi shake hands to build wearable mobile payment system

Smartphone makers Xiaomi and Alibaba Group Holding Ltd’s finance wing Ant Financial, later this Thursday announced a new joint venture to develop a mobile payment system using wearable technologies, a first for China’s major tech firms.

The idea is to upgrade Alipay (China’s most popular mobile payment service) and enable Alipay Wallet mobile app to link with Xiaomi’s Mi Band smart fitness bracelet. Jumping the need of passwords, this process with smoothen the user experience. Currently Xiaomi and Ant Financial are Alibaba’s partners which include Alipay.

This might well be a small step for an emergent technology tipped to eventually replace wallets. This is a milestone achievement for China where the process thus far been more pipedream than reality.

All current versions of Alipay Wallet for Google Inc’s (GOOGLE.O) Android mobile operating systems will have this version I. Alipay-M link, which will run on mobile phones including those of Xiaomi’s. Verson II. will be compatible with Apple Inc’s (APPL.O) iOS.This app will be an answer to all those potential security pitfalls of near-field communications (NFC) wireless technology. The encrypted link will reduce theft and cyber attacks. Apple users can make payment straight from their Apple Watch using NFC, rather than on a phone.

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