Date
27 May 2017
Xiaomi is preparing to launch new smartphones that can enable mobile payments. Photo: HKEJ
Xiaomi is preparing to launch new smartphones that can enable mobile payments. Photo: HKEJ

Xiaomi seeks to tap into China mobile payment market

Xiaomi Inc. is equipping its new Mi5 smartphone with near-field communication technology, reflecting the firm’s ambition to tap into China’s mobile payment market.

The new phone will be launched next week. It comes after Xiaomi acquired a payment business license in January in a 600 million yuan deal, the Hong Kong Economic Journal noted.

Ant Financial Services Group’s Alipay, an affiliate of Alibaba Group, currently controls 71.51 percent of the market, while Tencent Holdings’ (00700.HK) Tenpay has 14.39 percent. 

Global tech giant Apple Inc. announced late last year that it signed an agreement with China UnionPay to offer a mobile payment service in China.

The company said this week that Apple Pay has been launched in China, allowing consumers to use the service to purchase items at supported retailers using their iPhones and Apple Watches. 

According to Ant Financial, over 400 million users have registered for its Alipay system online as of June last year. Meanwhile, there Tencent’s WeChat Payment had over 200 million users as of September.

Xiaomi’s Mi5 smartphone will be launched in Hong Kong and Taiwan after China and India.

[Chinese version中文版]

- Contact us at [email protected]

VW/JP/RC

Hong Kong Economic Journal

EJI Weekly Newsletter

Please click here to unsubscribe