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 move is a significant step for the company, which has been struggling to compete against Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings (0700.HK), two companies that have The news follows 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. Apr, 2016 Updated: 2:54pm, 20 Jul, 2018 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.
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 move is a significant step for the company, which has been struggling to compete against Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings (0700.HK), two companies that have The news follows 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.