Published: 8:47pm, 26 Jan, 2018 Updated: 11:48pm, 10 Dec, 2019
Bank - card clearing firm China UnionPay and partner Huawei are preparing to launch Huawei Pay digital wallet ##s in Russia and other belt - and - road banking markets . Wang Lixin , a VP of UnionPay International , calls the deal a " win - win deal between two Chinese companies " . UnionPay has around 400,000 terminals in Russia , most of which accept Huawei Pay , while the international roll - out will see the mobile wallet take on rivals Apple Pay , Samsung wallet , PayPal and Alipay . In 2016 , the global mobile wallet market was valued at $ 594bn , and is predicted to reach $ 3.14tn by 2022 , according to Zion & Research .