First Ukrainian International Bank (FUIB) was one of the first in Ukraine to provide its clients, Mastercard cardholders, with the opportunity to pay for purchases with Mi Smart Band 4 NFC - a modification of the popular fitness band with contactless payment function. It is possible to buy Mi Smart Band 4 NFC from September 23.
To set up contactless payment, it is needed to install the Mi Fit branded application on your smartphone and add a bank payment card in the appropriate tab. You can add up to 6 bank cards in total. To make a payment, go to the "Cards" menu on the Mi Smart Band 4 NFC bracelet, select one of the attached payment cards and bring the device to the payment terminal.
"We note a steady increase in contactless payments. It is convenient, fast and more secure compared to other payment methods. FUIB has long offered customers various options for using banking products, so that everyone can choose the right option for them. Mi Smart Band 4 NFC tracks sleep, counts hours of sleep, measures heart rate, and now pays for purchases. Bank clients who monitor their health and play sports will be able to pay with the fitness band and not worry that they need to find a way to get a payment card or cash during training. Installation of the service or its use is absolutely free, it is enough to have a fitness band of the appropriate model that supports NFC payments", – commented Oleksandra Chepurina, Head of FUIB's Credit Card Department.
Payments by band are protected by Mastercard tokenization technology, thanks to which the card number is replaced by a 16-digit token. The card data are stored in a securely protected NFC chip developed by the NXP company. Unauthorized access to this information is not possible, and in case of loss of the band, Xiaomi has provided a number of security measures that will protect the user's payment data from unauthorized access.
The innovative product is a joint development of Xiaomi and Mastercard global technology companies, and is available exclusively to cardholders of this payment system. The product was launched in partnership with ALLO, one of the largest marketplaces in Ukraine.
"The openness of Ukrainians to payment innovations confirms the steady growth in popularity of NFC-payments: every seventh Mastercard transaction in Ukrainian retail takes already place with the help of NFC digital wallets. Ukraine is consistently included in the list of leading countries in the number of Mastercard NFC-transactions with gadgets, in particular in payments with wearable devices. Bands for payment are a very convenient form factor: you do not need to look for a card or your phone, and payment with a smart band is securely protected. Payment card data is not transferred during payments, but is replaced by a unique one-time digital code - a token, which is the responsibility of the Mastercard digital platform (MDES)", commented Yuriy Bathin, Vice President of Mastercard Business Development in Ukraine and Moldova.
Mi Smart Band 4 NFC has retained all the benefits of the usual Mi Smart Band 4, which is so loved by users around the world: color OLED display, record self-sufficiency, body with water resistance up to 5 ATM, support for swimming tracking and music player control. And now they are joined by an NFC chip, which allows you to pay for purchases using Mastercard contactless payment technology.
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