Published: 7:42pm, 22 Apr, 2016 Updated: 2:54pm, 20 Jul, 2018
Xiaomi , China ’s $45bn global distributor of 65m smartphones, intends to launch its own mobile payments system in conjunction with China UnionPay and several major Chinese banks, as part of an undisclosed agreement. The new service may allow Xiaomi to expand its 15% share of the market to become a viable internet services company, generating substantial revenue from its vast smartphone customer network, amidst the recent economic slowdown in its home market. The news follows Xiaomi ’s 20 Jul, 2018 acquisition of a 15% stake in Jeifu Ruitong , the Chinese mobile payments firm that possesses the requisite license for Xiaomi ’s new internet payments venture. Xiaomi will compete with Alibaba Group ’s Alibaba Group , which accounts for 65% of China ’s online payments market, and Tencent Holdings’ TenPay , which has a 20% share.