Huawei, a multinational technology company recently announced the launch of a new digital payment cloud solution to help digital payment service operators to build super app centered payment ecosystems that will accelerate digital financial inclusion in emerging markets.
The Chinese ICT company made the announcement at its Better World Summit 2020, a virtual conference that held from July 27, 2020, to July 30, 2020. The summit has focused on ways of deploying millions of 5G base stations to drive commercial success.
At the launch of the new solution, Huawei assured that the digital payment cloud is designed to provide a payment platform and super app that helps mobile payment operators build an ecosystem quickly and efficiently.
Explaining the importance of the new payment cloud solution, the Shenzhen-based company said super app is a critical platform and engagement point for ecosystem partners and provides an efficient merchant marketplace.
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“According to GSMA, mobile money today has over 1 billion registered users after more than 10 years of development,” Ryan Wu, director of Huawei software marketing and solution sales department said.
Wu, however, added that merchant payment is still at its infancy. “We all know that the key to success in the mobile payment business relies on the ecosystem.”
According to Huawei, its new digital payment cloud solution brings value to payment operators in the following ways:
Firstly, it will provide ‘extreme digital experience’ which will allow the opening of both user and transaction data in real-time, ensuring real-time query experience for users and merchants. Secondly, it will expedite service TTM with the help of solutions like application programming interface (API), H5, and mini-apps. And at last, the solutions will provide agile interactions.
Explaining further, Huawei said the solution will provide a digital experience for operators. “With digital architecture, both user and transaction data can be opened in real-time, ensuring real-time query experience for users and merchants. Real-time risk control can be built based on AI analysis capabilities to identify fake transactions and avoid cash-out risks.”
Expedite Service TTM is another benefit the operators will be able to enjoy while using the solution. With the open ecosystem, Huawei explained that the solution provides technologies that will enable partners to launch the service on the super app within one week and marketing campaigns from idea to launch within three weeks.
