AliPay to Launch First Wearable Payment Option in China
Alibaba, a leading retail website in China, has officially partnered with smartphone developer Xiaomi to create the first wearable payment system in the country. The partners will combine Alibaba’s mobile wallet, AliPay, and Xiaomi’s Mi Band smart fitness bracelet to allow users to pay for items using just their wearable.
Mobile payment technology is somewhat old news in America, but this is the first development of its kind for China. With the new AliPay wallet for Mi Band, users will pair their mobile phones to their wearables to sync their mobile wallet information to their smart bands. The current version of the technology is only available on the Android platform, but the next version will be available for iOS.
There is an encrypted link between the phone and the Mi Band that eliminates the security issues of near field communications, which is used for other wearable wallets like the upcoming Apple Watch. While this may make consumers a little more willing to adapt to the new technology, there is no telling just how well this concept will be accepted in China.
At this time, there is no information available about the specific launch date for this technology option.