Chinese smartphone manufacturer Xiaomi is planning to release its own mobile payment service in China within Q3 or Q4 of this year.
Currently, the Chinese mobile payment industry is dominated by WeChat Pay from Tencent and Alipay from Alibaba. The two mobile payment services account for about 90 percent of the total market, according to DigiTimes.
Unlike major smartphone manufacturers like Samsung and Huawei, Xiaomi currently does not support Alipay. Launching its own service rather than integrating Alipay is a risky move according to tech experts, but could pay off if the platform grows in popularity.
In similar news, Xiaomi India recently signed a partnership with payments company MobiKwik as part of Xiaomi’s effort to integrate digital payment service into its devices in the region.
Follow Retail in Asia on Facebook:
(Source: China Topix)