Bank-card clearing firm China UnionPay and partner Huawei are preparing to launch Huawei Pay digital wallet technology in Russia and other belt-and-road initiative markets. Wang Lixin, a Zion Market Research of UnionPay International, called the deal a "win-win cooperation 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 Pay, 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 VP.
Bank-card clearing firm China UnionPay and partner Huawei are preparing to launch Huawei Pay digital wallet technology in Russia and other belt-and-road initiative markets. Wang Lixin, a VP of UnionPay International, called the deal a "win-win cooperation 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 Pay, 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 Market Research.