Huawei Pay 2024 - Competitor Profile

Huawei Pay 2024 - Competitor Profile

Summary

Huawei Pay was launched in 2016 via a collaboration between payment scheme China UnionPay and smartphone brand Huawei, with the aim of competing in China’s exponentially expanding mobile payments market. Huawei Pay offers a ranges of payment services, including in-app and in-store payments. It offers both NFC payment as well as QR code payments for in-store purchases. To ensure privacy and security for payments, Huawei Pay utilizes tokenization and biometric authentication such as fingerprint recognition.

Challenging the dominance of established players Alipay and WeChat Pay has proven difficult. As per GlobalData’s 2023 Financial Services Consumer Survey, 45.7% of respondents use WeChat Pay for in-store payments in China, followed by Alipay (30.9%). In contrast, only 9.9% of Chinese respondents reported using Huawei Pay for in-store payments. However, the fact that Huawei Pay is tied to domestic brand UnionPay has given it an advantage compared to other competing mobile wallet providers such as Apple Pay, Samsung Pay, and Xiaomi’s Mi Pay.

Huawei Pay is now available in nine markets, including Hong Kong (China SAR), Malaysia, Singapore, and Thailand. The company has also formed strategic partnerships to enhance its services. For example, in February 2022, Huawei Pay extended its partnership with Singapore-based payment services provider Aleta Planet, enabling customers to add AP-1 UnionPay virtual cards to Huawei Pay.

The report provides information and insights into Huawei Pay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• The company's important events and milestones

Scope

1) In March 2016, Huawei and China UnionPay collaborated to launch Huawei Pay.
2) In August 2018, Huawei Pay launched a unified digital lock feature to integrate digital lock identification into its wallet.
3) In April 2020, Huawei Pay expanded into Singapore, initially supporting ICBC credit cards and NFC-enabled contactless payments at POS terminals.
4) In March 2021, Huawei Pay acquired Shenzhen-based digital payment firm Sharelink Network.
5) In February 2024, UnionPay cards linked to Huawei Pay stopped working in Russia. These restrictions may be due to sanctions imposed by the US on Russia's National Payment Card System, which processes all UnionPay card transactions.

Reasons to Buy

• Gain insights into Huawei Pay business operations and key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.