Huawei launches digital payment cloud solution
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Huawei recently held its Better World Summit 2020, in which the company revealed details of its new digital payment cloud solution.
Huawei says the solution is designed to help digital payment service operators to build app-centered payment ecosystems that boost digital financial inclusion in emerging markets.
Huawei software marketing and solution sales department director Ryan Wu cites figures from GSMA, which show that mobile money has attracted more than one billion registered users after 10 years of strong development. However, he believes that merchant payments are still in their infancy.
“We all know that the key to success in the mobile payment business relies on the ecosystem. Super app is a critical platform and engagement point for ecosystem partners and provides an efficient merchant marketplace. Huawei’s digital payment cloud is designed to provide a payment platform and super app that helps mobile payment operators build an ecosystem quickly and efficiently.”
GSMA figures also show that as of April 2020, the mobile money industry comprised 290 live services in 95 countries. Further, mobile money services are in 96% of countries were less than a third of citizens have access to a financial institution such as a bank.
GSMA predicts that by 2023, more than $1 trillion will be transacted over mobile money platforms every year – equating to more than $2.8 billion every day. The industry must provide trust and relevance to meet these growth needs.
In Myanmar, Huawei has cooperated with KBZ Bank to launch KBZPay and within 18 months successfully grew the service to six million registered users, more than 1000 partners, and more than 290,000 merchants. KBZPay’s transaction value has reached more than $7 billion.
According to Huawei, its digital payment cloud solution can provide:
- A digital experience through digital architecture - both user data and transaction data can be opened in real time, ensuring real-time query experience for users and merchants. In addition, -real-time risk control can be built based on AI analysis capabilities to identify fake transactions and avoid cash-out risks.
- Expedite Service TTM: With the open ecosystem, the solution provides API (application programming interface), H5, mini apps, and UI bricks technologies that enable partners to launch the service on super app within one week and marketing campaigns from idea to launch within three weeks.
- Agile iteration through with a cloud native platform - the solution supports container/micro-service, auto-scaling, grayscale release, and enables software updates in days.