Huawei Pay – Competitor Profile
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Huawei Pay is one of the mobile wallet brands in China that was launched in 2016 in collaboration between Chinese payment scheme UnionPay and mobile phone brand Huawei to compete in the exponentially expanding mobile payments market. With the success of wallets such as Alipay and WeChat Pay and the size of the Chinese market itself, it is no surprise that as a telecommunications provider and one of largest domestic mobile handset brands in the market, Huawei would want to enter the mobile wallet market. While the Chinese market has effectively adopted QR codes as the standard for mobile payment, the Chinese domestic scheme saw a need to push for the presence of NFC, which is why it was a perfect match between Huawei and UnionPay.
However, with Alipay and WeChat Pay being introduced a few years earlier, consumers in China are already accustomed to the two, and Huawei Pay had never made much dent in the market. According to GlobalData’s Consumer Payment Survey in 2021, Alipay and WeChat Pay together hold approximately 76% of the mobile wallet market share in China, with Huawei Pay taking up less than 10%. Despite this low market share, Huawei has still made some inroads and improvements since the initial few years following its introduction. The fact that Huawei Pay is tied to UnionPay has given it an advantage compared to other mobile wallet brands such as Apple Pay, Samsung Pay, and Mi Pay by Xiaomi.
Internationally, Huawei Pay has not made much progress, with only presence in some markets in Southeast Asia, Pakistan, and Russia. Going forward, Huawei Pay will be focusing more on its home market, as Alipay and WeChat Pay are already making inroads in offshore markets to service consumers from China.
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
– In March 2016, NFC-based mobile wallet Huawei was launched.
– In August 2018, Huawei Pay launched a unified digital lock feature to integrate digital lock identification into its wallet.
– In April 2019, Huawei Pay partnered with digital lock maker QingKe, unifying the mobile wallet as a locking and unlocking device.
– In April 2020, Huawei Pay expanded into Singapore, initially with the support of ICBC debit cards.
– In February 2022, Aleta Planet and Huawei Pay, along with UnionPay, expanded their services to include virtual cards in Huawei Pay wallets.
Reasons to Buy
– Gain insights into Huawei Pay's business operations and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Apple Pay
Google Pay
Tenpay
Huawei Pay
Samsung Pay
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Frequently asked questions
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