We have heard reports of Xiaomi, Huawei, and ZTE said to be planning their own Apple Pay and Samsung Pay competitor. Today we have some confirmation to part of these reports. Huawei has joined hands with Bank of China to announce "Huawei Pay" mobile payments service in China which will compete with existing one, Apple Pay which is available in China.
This partnership between Huawei and Bank of china will combine the hardware and software capabilities of both the companies to offer the mobile payment service. With this platform, Bank of China customer will use software and hardware level of security checks to make payments using their smartphones.
At the moment, we do not have more details on how exactly the "Huawei Pay" will work as we await more information about the same. We will update you as and when we have more information.
Source : ccidnet (in Chinese)