Chinese mobile co. Xiaomi launches wallet app

Global Business

There’s a new contender in China’s competitive internet finance market, mobile phone maker Xiaomi. They’re testing out a money-market fund that lets users earn interest on money saved in Xiaomi’s wallet app.

CCTV’s Zhang Jian filed this report from China.

Chinese mobile co. Xiaomi launches wallet app

Chinese mobile co. Xiaomi launches wallet app

There’s a new contender in China’s competitive internet finance market, mobile phone maker Xiaomi. They’re testing out a money-market fund that lets users earn interest on money saved in Xiaomi’s wallet app. CCTV’s Zhang Jian filed this report from.

Highlight:

  • The new Xiaomi function is similar to Alibaba’s Yu’ebao, an online wealth management service introduced in mid 2013. Anyone linking their debit cards to Xiaomi wallet can buy wealth management products with no minimum deposits and no transaction fees.