Huawei responds to the rebranding of HuaBianPay Essentially speeding up the construction of the HarmonyOS ecosystem.

Huawei's Response to HuaBianPay's Rebranding Accelerating the Development of HarmonyOS Ecosystem

【Mobile China News】On October 13th, the People’s Bank of China officially announced that Huawei’s payment institution “Xunlian Zhifu” has been renamed as “Huaban Zhifu (Shenzhen) Limited Company”. This renaming has triggered widespread attention and speculation in the market regarding Huawei’s payment business. Huawei has already responded to the reason for the name change.

Huawei responds to Huaban Zhifu's renaming: The essence is to accelerate the construction of the Hongmeng ecosystem Huawei responds to Huaban Zhifu’s renaming: The essence is to accelerate the construction of the Hongmeng ecosystem

Huawei’s response is that the renaming is not a big deal. Essentially, Huawei is accelerating the construction of the Hongmeng ecosystem infrastructure. Additionally, the newly upgraded negative one screen will fully support Huawei Pay. “This is an important step in promoting Hongmeng Element services. Now, big partners like Didi, Meituan, Maoyan, and Tongcheng have all settled in as Element services on the negative one screen.” According to Huawei, the renaming of Huaban Zhifu is part of an internal strategic adjustment and is not directly related to the payment business itself.

It is understood that Huawei’s payment business started in 2011, mainly providing payment channels for apps on Huawei’s app store. With the popularity of smartphones and the gradual improvement of Huawei’s ecosystem, Huawei Wallet has exceeded 140 million monthly active users. Although WeChat Pay and Alipay occupy more than 90% of the domestic payment market share, Huawei Pay still insists on user experience innovation and enhancement as its core, positioning itself as an innovative all-scenario payment platform.

Huawei Pay’s renaming has also been officially recognized. After updating the significant changes in non-bank payment institutions’ licenses, the People’s Bank of China has agreed to change the company name of Shenzhen Xunlian Zhifu Network Co., Ltd. to “Huaban Zhifu (Shenzhen) Limited Company”.

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