Huawei has decided to expand its payment segment, Huawei Pay to international markets. Launched in 2016, it currently caters only to the Chinese market. But thanks to a deal with Union Pay last weekend, Huawei Pay will now be deployed outside China.
Union Pay is the largest financial services company in China. Huawei and Union Pay joined hands two years ago which gave way to the creation of Huawei Pay. The current deal would allow Huawei and Honor smartphone users to keep UnionPay cards in an e-wallet, and use them to pay for any transaction. Huawei Pay can also be used with a POS system that has support for UnionPay Mobile QuickPass at a retail store.
Alex Zhang, President, Huawei Consumer Cloud Service said,
“Open sharing is an important direction for the future of the digital economy and intellectual interconnection, which is why Huawei’s end-user cloud services built an open and globalized smart mobile ecosystem for the end-user experience. Huawei hopes to work with partners such as UnionPay International to provide more secure and convenient mobile payment services for every user of Huawei smart devices around the world.”
Huawei Pay currently works with 66 banks and about 20 different devices, including smartphones and smartwatches. With the international rollout, it will scale even more. With UnionPay cards being accepted at 85% of POS and ATMs in Russia, it will be the first country to get Huawei Pay. A few countries in Europe are expected to give way to Huawei Pay too. With Huawei Pay amounting for about $653.3 million worth of transactions in China, it is bound to make a bigger impact when it reaches international waters.