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Wednesday, January 31, 2018

UnionPay, Huawei Partner to Launch Huawei Pay in Russia

UnionPay International, a wholly-owned subsidiary of China UnionPay, has teamed up with Huawei Technologies to jointly launch Huawei Pay digital wallet technology in global markets including Russia.

Signing of the global cooperation agreement marks the debut of Huawei Pay outside China since it was jointly rolled out the two companies in 2016.

UnionPay said that Huawei Pay overseas services will be introduced in Russia and other markets along the ‘Belt and Road Initiative’.

Huawei Pay relies on biometrics and NFC technology to allow users make in-store payments using their Huawei phones.

It also uses tokenisation technology to safeguards users’ payment security and protect cardholders’ privacy and personal data.

The companies also intend to allow customers outside China to add their UnionPay cards to their Huawei Pay-enabled smartphones and pay by tapping the phone at POS terminals that accepts UnionPay contactless payment.

UnionPay International vice president Larry Wang said that this ollaboration with Huawei is of great significance as the two sides realise cooperation on a global scale, and issuers outside mainland China is able to launch the mobile payment service of Huawei Pay once connecting to UnionPay Mobile Service Platform, which greatly saves time and cost.

Source: Verdict

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