Xiaomi – a new player in the market of financial services

Xiaomi - a new player in the market of financial services

Largest technology company Xiaomi, which has no plans to conquer the market of financial services, may soon become an endangered species. Another IT-giant said the release of the highly attractive market.

Smartphone maker Xiaomi is launching a beta version of a mechanism to earn a balance of mobile wallets. It is reported by The Wall Street Journal. Xiaomi goes in the footsteps of Alibaba, which introduced a tool Yu’e Bao in 2013.

Such a mechanism is a form of short-term investment fund. To date, the fund Xiaomi users can rely on rate of 6.4% per annum. Market leader in fund Yu’e Bao offers 4.5%. However, it is not clear whether Xiaomi provide such high returns in the long term.

Smartphone maker has repeatedly said he did not want to be exclusively a production company. In management plans make Xiaomi large Internet companies and challenge Tencent and Alibaba. Even today, the growth rate of revenue from software sales above revenue growth from sales of smartphones, the company said.

Source: The Wall Street Journal

Xiaomi – a new player in the market of financial services updated: March 23, 2015 author: Jonathan Davis