Chinese Internet conglomerate Tencent has just launched its very own operating system (OS): the Tencent Operating System, or TOS+.

The new software is focused on wearables and other Internet-connected devices, including smartwatches and smart TV sets, The Verge reported. Manufacturers and developers can opt to use the OS for free, provided that they agree to share revenues with Tencent. It will also feature its very own mobile payment system.

Tencent COO Mark Ren told TechCrunch that TOS+ provides a more social option for making money through third-party services. 

Zhong Xiangping, head of TOS+, said at the Global Mobile Internet Conference in Beijing that Tencent wants to introduce more content into smart hardware systems and link different terminals, according to Tech2. Zhong added that with TOS+, you could use your smartphone to play games on your TV, or use a smartwatch to make payments from a phone.

Tencent's Android-based TOS+ will have to compete with Alibaba's YunOS and Xiaomi in the rapidly growing Chinese market. These three are OS alternatives to Google's services, which are not fully available in China. Tencent also owns social services QQ and the popular messaging app WeChat.