Chinese telecom device maker Huawei and Bank of China held a signing ceremony in Huawei's Shenzhen headquarters to jointly develop Huawei's mobile payment service Huawei Pay.

Huawei will implement online and offline mobile payment business cooperation with Bank of China to provide barrier-free consumer services with existing businesses of the two parties. At present, Bank of China is the only cooperating partner of Huawei Pay; however, Huawei will invite more partners in the future.

Yu Chengdong, chief executive officer of Huawei consumer business, said that functions of mobile phones continued to change over recent years and for a long period of time, mobile payment will become one of the major functions of smartphones. The combination of smartphone and bank card will play an important role in enhancing the ease and security of payment and improving the diversity of future services.

According to Huawei, Huawei Pay already started commercial use on the company's Mate S smartphones from December 2015. By placing Mate S close to a China UnionPay POS with Quick Pass function, the Huawei Pay service will automatically launch and users can complete the payment with fingerprint authentication.