International Finance

Huawei launches its payment services in Singapore

Huawei Pay

China-based multinational technology company Huawei has launched its payment services in Singapore, the media reported. The service is being called Huawei Pay.

In order to launch the new service, Huawei is partnering with UnionPay- a Shanghai-based financial services company.

Now Singaporeans will be able to make contactless payments by using Huawei Pay by tapping their smartphones on point-of-sale (POS) machines.

The app comes preinstalled in the latest Huawei handsets and customers need to link their debit or credit card to the wallet in order to use the services.

In a statement, the company said that Huawei Pay uses biometric authentication methods such as facial and fingerprint recognition to enhance payment security.

In December 2018, Huawei, in partnership with UnionPay, launched Huawei Pay in Russia, making it the first market outside China to offer the service.

Huawei Pay was first launched in China in August 2016.

Recently, Huawei bought a stake in China Electronics Technology Instruments (CETI), a state-owned wireless testing company and the subsidiary of the giant China Electronics Technology Group (CETC) conglomerate.

The deal is expected to cost Huawei around $9.3 million.

Seven other companies, including several CECT-linked groups, have also invested, such as the CETC 41st Research Institute has bought around 10 percent stake, CETC Investment Holdings bought around 8.82 percent and the Hefei-CECT Guoyuan Industrial Fund Partnership bought 8 percent in the wireless testing company.

According to local media reports, China Mobile awarded most of a $5.2 billion 5G contract to compatriot vendors Huawei and ZTE. While Huawei won 57.3 percent of the value of contracts across 28 provinces, ZTE took 28.7 percent. Ericsson and China Information Communication Technologies were also awarded.

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