Chinese smartphone maker Xiaomi is teaming up with China UnionPay to try to grab a bigger share in the mobile payment market. Under the deal, the two will design a mobile payment product, dubbed "Mi Pay", on Xiaomi's smartphones. However, no specific timetable has been given. Xiaomi and UnionPay have already collaborated on mobile payment functions through UnionPay's QuickPass service, which allows users to conduct transactions by placing their mobile phones near the card slots on bank machines. Both Apple and Samsung already have mobile payment services available here in China. Last year, the country's third-party mobile payment market was valued at over 16 trillion yuan or 2.5 trillion U.S.dollars.