(CBN Global) March 22 -- China UnionPay, the world's largest payment network by number of cards issued, and Huawei Technologies Co., the world's largest telecommunications equipment manufacturer, have agreed to join forces to implement and promote the mobile payment product Huawei Pay.
In line with other UnionPay cloud payment products, Huawei Pay utilizes global payment tokenization technology, whereby a sensitive data element is substituted with a non-sensitive equivalent, referred to as a token. Huawei Pay is expected to leverage the trusted service manager platform established by UnionPay and some commercial banks and will fully launch soon.
The partnership between UnionPay and Huawei will facilitate the development of more mobile manufacturers and mobile payment businesses by creating a 'benchmark effect,' according to Mr. Chai Hongfeng, member of the Chinese Academy of Engineering.
Huawei sold 100 million mobile phones worldwide in 2015, behind only Samsung Electronics Co. [KRX:005930] and Apple Inc. [NASDAQ:AAPL]. It has the second largest market share in Europe and a 7.3 percent share of the global smartphone market.