Xiaomi Mi3 specs could easily rival what the electronics giant’s Western competitors can offer and according to NFC World, Xiaomi, the Mi3 creator and Chinese smartphone manufacturer has included Oberthur Technologies’ Pearl embedded secure element in the handset.

The Pearl is certified for NFC payments by Visa, MasterCard and Google and is undergoing certification in China UnionPay, according to the blog. The Pearl also supports strong authentication, transit, access and loyalty applications.

The company announced on its Sina Weibo page that its 100,000 Mi3 units sold out in one minute and 26 seconds, according to Tech In Asia. Xiaomi sells its new devices in batches and has been successful in employing the tactic and this means that the company is able to incorporate updates almost weekly on the device.

The Xiaomi Mi3 features 2GB of RAM, 13MP Sony Exymor RCMOS rear-facing camera, a 2MP front-facing camera and a 3,050 mAh battery. The Xiaomi Mi3 will also be featuring the company’s latest MIUI interface. The handset’s costs $327 for the 16GB model, while the 64GB model has a price tag of $410.

Reviews for the Xiaomi Mi 3 have been glowing. GizChina recommends the phone as a good replacement for the Samsung Galaxy S3, saying that the device is “almost perfect and any issues can easily be solved with future firmware updates.”

Xiaomi Mi 3 according to GizChina has a camera makes high quality photos and much better than the normal phone. The handset was officially unveiled last September 5 at a press conference in Beijing. Xiaomi has sold 7 million devices so far and has raked in $2.5 billion in revenue during the first half of 2013. The tech company is estimated to be worth $10 billion.