Huawei renamed Zhipay to ‘Petal Payment’ in official documents

On October 13, 2023, the People’s Bank of China updated the license information for Xunlian Zhipay Network to Huawei “Petal Payment”. In 2021, there was a change in Shenzhen Xunlian Zhipay Network Co., Ltd, a Chinese licensed payment system, and Huawei became a shareholder.

Public information shows that Xunlian Zhifu was established in June 2013 with a registered capital of 200 million yuan (27 million USD). It is a third-party payment service provider focusing on the field of mobile Internet finance.

Its business scope includes electronic payment, payment settlement, and clearing system technology. Development and technical consulting services. Internet payment, mobile phone payment, digital TV payment business, and others.

Huawei’s Acquisition:

In January 2018, ZTE Software completely withdrew from the ranks of shareholders of Xianlian Zhipay. From then on until it was acquired by Huawei, ZTE Software has been wholly owned by Shanghai Wo Ruiou and is also a payment institution of Zhengtong Co., Ltd.

In October 2020, Huawei Technologies Co., Ltd. applied for the “Petal Payment” trademark, covering categories such as financial property management and scientific instruments.

According to reports, the content covered by Petal Payment includes real estate management, debit card payment processing, insurance information, electronic transfers, online banking, credit card payment processing, currency exchange, e-wallet payment services, capital investment, using membership cards to provide services to others at participating institutions Offer discounts.

In the first half of 2022, Huawei Pay will be officially launched, covering Huawei Music, Huawei Video, Huawei Reading, Mango TV, Youdao Cloud Notes, PP Video and other Huawei applications and some third-party applications.

In July 2022, Ma Chuanyong, President of Huawei Terminal Cloud Service Payment BU, disclosed that the number of monthly active users of Huawei Wallet has exceeded 100 million. Ma Chuanyong also said that Huawei Pay is not only mobile payment but also an innovative full-scenario payment platform.