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Rumor: Xiaomi Acquires Third-party Payment License

Ebrun, 2/20/14

According to industry sources, Beijing-based Android device maker Xiaomi has obtained a third-party payment license through the acquisition of an already licensed company, and will launch a "mobile wallet" service in June. The team responsible for Xiaomi's MIUI customized Android ROM is currently developing a "Xiaomi Banking" online financial service.

Xiaomi established an online finance company, "Xiaomi Payment Technology" ("Xiaomi Zhifu Keji"), at the end of 2013. On February 19, Xiaomi announced a partnership with Bank of Beijing centering on mobile payment, consumer credit, product customization, and product distribution channel expansion.

Editor's Note: For more background on this topic, please see "Xiaomi, Bank of Beijing Partner on Mobile Finance" MD 2/19/14 issue and "Xiaomi Establishes Payment Subsidiary" MD 2/08/14 issue.

Keywords: license wireless mobile payment third-party payment Xiaomi e-payment

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