Huawei's heavyweight news! Central bank approval: Huawei's petal payment has arrived!

Tech 2023-10-20 02:59:54 Source: Network

Edited by: Huang ShengHuawei's payment business has made new progress, this time transitioning from "Xunlian Zhifu" to "Huaban Payment".Looking back, in March 2021, Huawei acquired the payment license through the acquisition of Xunlian Zhifu

Edited by: Huang Sheng

Huawei's payment business has made new progress, this time transitioning from "Xunlian Zhifu" to "Huaban Payment".

Looking back, in March 2021, Huawei acquired the payment license through the acquisition of Xunlian Zhifu. In September 2021, Huawei's online payment function was launched. In June 2022, Huawei's application for the petal payment trademark was approved for registration.

Central bank approval: Huawei's petal payment has arrived!

On October 13th, the People's Bank of China updated the licensing information for major changes in non bank payment institutions,agreeShenzhen Xunlian Zhifu Network Co., Ltd. (hereinafter referred to as "Xunlian Zhifu") has changed its company name to "Huaban Payment (Shenzhen) Co., Ltd." (hereinafter referred to as "Huaban Payment").

Xunlian Zhifu is a payment institution under Huawei. In March 2021, Xunlian Zhifu underwent industrial and commercial changes, and Huawei became the sole shareholder, successfully completing the acquisition of Xunlian Zhifu. Xunlian Zhifu was first funded by ZTE Software Co., Ltd. (hereinafter referred to as "ZTE Software") and was established in June 2013. In 2014, it obtained the "Payment Business License" from the People's Bank of China and was allowed to carry out businesses such as internet payment, mobile phone payment, and digital TV payment. However, during the renewal, the "digital TV payment" business was voluntarily terminated.

In January 2018, Xunlian Zhifu underwent another shareholder change, and ZTE Software completely withdrew, becoming a wholly-owned subsidiary of Shanghai Worui Ou and a payment institution under Zhengtong Co., Ltd. Until 2021, Xunlian Zhifu once again changed ownership and became a payment institution under Huawei.

After winning the Xunlian Smart Pay, Huawei launched Huawei Pay in September 2021 and applied it to the ticket sales of Huawei Developer Conference 2021 in October 2021.

According to the official website of the China National Intellectual Property Administration, Huawei applied for the petal payment trademark in October 2020. In June 2022, petal payment was approved for registration.

Is there a competitive relationship with WeChat and Alipay?

According to a previous report by the Daily Economic News reporter, since 2014, driven by large technology companies such as Alibaba and Tencent, the Chinese mobile payment market has developed rapidly. Today, the merchant systems of WeChat payment and Alipay have almost covered all kinds of large and small payment scenarios in China, such as supermarkets, roadside stalls, and vegetable markets. Both of them have occupied more than 90% of the market share of the domestic payment market.

What makes the outside world curious is that in the mature market environment of WeChat payment and Alipay, what is the purpose of Huawei's entry into the payment market?

Image source: Daily Economic News Information Map

In response, Ma Chuanyong said, "From a functional perspective, payment is one of the core functional components of the transaction loop within the underlying ecosystem. Payment products born in the mobile era will play a more important role in the commercial loop of the IoT era ecosystem

He introduced that the new mobile payment form does not require opening a mobile app to "scan", but can be completed through any terminal such as a mobile phone, watch, or car. For example, in travel scenarios, Huawei mobile phone users will receive a message service from a nearby gas station when driving near the gas station. Users can freely choose their gas number, amount, etc. After using Huawei payment, they can even complete refueling without getting off the car.

In addition, Ma Chuanyong also stated that,"Huawei's payment is not competitive with WeChat payment and Alipay. They are all Huawei's partners. In fact, Huawei's payment is currently focused on user experience. In the future, when new markets grow, users like to pay with Huawei, our share will increase."For specific new scenarios, he believes that the payment scenario on the car is one of them.

When it comes to whether Huawei Pay will provide large subsidies to attract users in the early stages of its development, Ma Chuanyong said, "Expanding market share is not the purpose of Huawei Pay. Essentially, we are not competing with other payments. The payment engine is one of the 'five fundamental services' that Huawei provides to global developers. Huawei Pay is one of the core components of the Hongmeng system's ecological capabilities and commercial closed-loop, and we must take this path

In 2019, Huawei released the full scenario distributed operating system HarmonyOS and began upgrading on Huawei's mobile devices in 2020. As of the end of April 2022, there were over 240 million Huawei devices equipped with HarmonyOS.

In specific markets, Ma Chuanyong stated that Huawei Pay will first focus on China. After obtaining the license, we need to first provide a good product experience in China

Daily Economic News Comprehensive Website of the People's Bank of China, Enterprise Inspection App, Daily Economic News (Reporter: Wang Jing)

Daily Economic News

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