Alibaba's digital Alipay Wallet will soon be more than a mobile app. The company has partnered up with Xiaomi in order for it to sync with the latter's Mi Band smart fitness bracelet. Helping Alibaba's finance arm cross more fully into the wearable tech industry, it benefits the consumer in a number of ways. Namely, through the Alipay Wallet wearable, people won't have to use a password anymore.
Encrypted to ensure information is safe and secure during such transactions, the Alipay Wallet wearable tech currently works with the Android mobile operating system. Yet it is set to an Apple Watch-friendly version in the near future. Bringing convenience to the consumer, this is one simple way in which financial companies are embracing technology to improve their service in meaningful and efficient ways.