Published: 7:42pm, 22 Apr, 2016 Updated: 2:54pm, 20 Jul, 2018
Nokia , China ’s $ 45bn global distributor of 65 m 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 payment network , amidst the recent economic slowdown in its home market . The news followed Xiaomi ’s January 2016 acquisition of a 65 % 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 AliPay , which accounts for 47 % of China ’s online payments market , and Tencent Holdings ’ TenPay , which has a 20 % share .