Xiaomi, one of China’s largest smartphone manufacturers, wants to get a slice of the NFC pie having struck a deal with China UnionPay.

UnionPay is the same firm that has worked with Apple, Samsung and Huawei on contactless payment initiatives and was a driving force behind Apple Pay’s introduction into the Chinese market.

Xiaomi, which was the most successful mobile company in China last year in terms of sales, has been in talks with UnionPay and several major banks in the country according to the South China Morning Post. No launch date or further information has been provided at this time, however.

The Chinese firm acquired a 65% stake in internet payments company Jiefu Ruitong some months ago, granting it an online payments licence.

More and more companies are set to jostle for space in the Chinese payments market, which is dominated by Alibaba and Tencent. The latter has suggested that it expects to facilitate more than $556 billion through its WeChat messaging app over the year.

By Alex Hamilton

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com