Xiaomi forays into e-payment business

Chinese smartphone manufacturer Xiaomi has officially entered the e-payment business, techweb.com.cn reported Saturday.

The report cited an inquiry on the Beijing enterprise credit information network, which showed that Xiaomi Pay, a Xiaomi Inc subsidiary, is now operating, conducting R&D on e-payment technology and related services.

The report also revealed that Lei Jun, founder and CEO of Xiaomi, is the legal representative and chairman of Xiaomi Pay. However, Xiaomi will still need approval from the People's Bank of China to actually provide e-payment service to customers.