Mobile Payments

Smartphone-maker OnePlus Brings Mobile Payment Platform To China

OnePlus Brings Mobile Payment Platform To China

Chinese smartphone manufacturer OnePlus said it would debut its mobile payment system this year when its OnePlus 7T series of mobile phones rolled out in September 2019. The company’s mobile payment platform is now said to be live in China, GizChina reported.

The payment platform currently handles a few different kinds of bank cards. Those include SPDB’s and Guangfa Bank’s credit cards in addition to Minsheng Bank’s, SPDB’s and Guangfa Bank’s savings cards.

The company hasn’t officially broadcasted the feature, but one outlet cited in the report noted that OnePlus Pay is in the OnePlus 7T Pro’s “Wallet” app. In large markets such as China, the United States and India, mobile payment is very popular.

In separate news from December, Xiaomi, the biggest smartphone company in India, is offering a credit platform meant to bring in millennials and young professionals in the country. The Mi Credit app is a marketplace for personalized lending, which provides credit of $70 to $1,400 to users.

The Chinese electronics company teamed with select FinTech startups, with the inclusion of Bangalore-based ZestMoney in creating the venture. And the company said it’s highly likely an individual will receive credit due to the number of firms with which the company partnered.

In October, news had surfaced that WeChat Pay of Tencent was rolling out a payments feature that allows individuals to transfer funds via a mobile phone number. WeChat users unlock the feature from the messaging app and move funds to the WeChat wallet of the receiver via the input of a phone number, per news at the time.

WeChat competitor Alipay debuted a comparative function in 2012 that enables users to send and accept funds via email or cellphone. China Merchants Bank, Industrial and Commercial Bank of China and Bank of China have also rolled out payment features that use a cellphone number.

WeChat Pay, for its part, has more than 1 billion users and is one of China’s most popular payment methods.

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