Comment on Xiaomi Has Established a Payment Company by Xiaomi Leads $37M Investment in Chinese Peer-to-peer Lending Site Jimu Box - TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-02-08 00:00:00

Xiaomi registered “Beijing Xiaomi Payment Technology Ltd.” on December 26th, 2013, as disclosed by Beijing Administration for Industry and Commerce. Another two co-founders of Xiaomi, Hong Feng and Lin Bin, are board directors of the payment company. Mobile payment has become strategic tool for some Chinese tech companies such as Tencent and Alibaba that more financial products are expected to be created based on it. Alipay Wallet, the mobile payment app of Alibaba, has been way more than a payments app but a combination of digital loyalty program platform, taxi hauling service, among others. To operate payment services, Xiaomi still needs a license.