View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
March 29, 2021

Huawei wins payment licence via Shenzhen Sharelink Network takeover

By Johney Amala

Chinese telecom company Huawei Technologies has secured a payment licence with the acquisition of digital payment firm Shenzhen Sharelink Network.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

According to database query platform Tianyancha, Shanghai VRTime Technology has divested its holding in the payment firm in which Huawei has taken a 100% stake.

Established in 2013 by ZTE, Shenzhen secured a licence to operate online and mobile payment-based businesses since 2014.

Shanghai VRTime Technology bought a 90% stake in Shenzhen from ZTE in 2016.

Huawei is said to be the latest in a line of Chinese tech firms to step into the payment space.

About 94% of the Chinese mobile payment market is dominated by Tencent’s Tenpay, which includes WeChat Pay, and Alibaba-backed Alipay, says consumer data provider Statista. With its latest move, Huawei is anticipated to challenge their hegemony.

In 2016, Huawei rolled out Huawei Pay, a payment service which utilises near field communication (NFC) technology.

In 2014, China granted the first e-payment licence to international firm Beijing Chanjet.

Other developments in China’s payment space

Last month, SWIFT, the global system for financial messaging and cross-border payments, set up a financial gateway joint venture with subsidiaries of the People’s Bank of China (PBoC).

The subsidiaries include the China National Clearing Center (CNCC), and the Digital Currency Research Institute.

The same month, reports emerged about Ant Group forming a restructuring agreement with the Chinese regulator to turn the fintech firm into a financial holding company.

In January this year, China’s ByteDance, an internet firm and the owner of the short video app TikTok, launched its own third-party mobile payment service called Douyin Pay.

Earlier that month, Australian marketing and payment service provider (PSP) AirPay Financial Technologies (AirPay FinTech) expanded its e-commerce partnership with China’s UnionPay.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International