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Xiaomi has announced that it will launch its own mobile payments service. The Chinese smartphone manufacturer - which is the biggest player in its home market - will partner with the country's national bank card association China UnionPay for the service.

According to the company's CEO Lei Jun, Xiaomi Pay - or whatever it will be called - will be a Near Field Communication (NFC)-based mobile payments solution, just like Apple Pay.

Currently, the Chinese mobile payments market is dominated by local players such as Alibaba and Tencent. Another well known Chinese smartphone vendor Huawei, as well as international companies like Apple and Samsung have also already launched their payments services in the world's biggest smartphone market.

Via