ICBC and Huawei first launch cooperation: launch digital renminbi wearable payment project

On October 23, Huawei and Industrial and Commercial Bank of China joined hands to innovate in digital RMB application scenarios, taking the lead in supporting digital RMB wearable payment, and jointly demonstrated the progress of the project cooperation at the Huawei Developer Conference 2021 (Together) “Wallet Payment and Member Services” sub-forum , The user binds the digital renminbi wallet to the Huawei Watch 3 series of watches, and uses the watch to make quick and easy payments with one touch. The two parties also look forward to future cooperation in the multi-dimensional digital renminbi scenario.

ICBC and Huawei first launch cooperation: launch digital renminbi wearable payment project

“Huawei participated in the formulation of digital renminbi hardware wallet standards and specifications, provided strong technical support for the realization of dual offline transactions of hardware wallets, and continued to explore digital renminbi application scenarios. Carry out innovative cooperation and experience the innovative functions of digital renminbi on wearables. With the release of HMS Core 6, the new capabilities of Wallet Kit will support access to digital renminbi functions and gradually open them to industry partners. We will continue to work with the People’s Bank of China Digital Currency Research Institute , Relevant pilot institutions work together to innovate and build a prosperous digital RMB ecosystem”, introduced by Ma Chuanyong, President of Huawei Consumer Business Payment BU.

Chen Jing, deputy general manager of the personal finance department of the Shenzhen branch of Industrial and Commercial Bank of China, said: “The launch of the digital RMB smartwatch marks a solid first step in the cooperation between our bank and Huawei Wallet in the field of digital RMB. In the future, we will continue to advance steadily. While the various tasks of the business pilot have achieved practical results, the two parties will continue to work closely together to leverage their respective rich resources and significant advantages in the fields of finance and technology, and continue to deepen the integration and iteration of digital renminbi and innovative technologies such as 5G, Internet of Vehicles, and Internet of Things. Provide a full range of Internet of Everything payment experience, build a new digital RMB ecosystem based on the principle of openness and inclusiveness, and contribute to the building of a digital China.”

Huawei is using technology to support digital renminbi to achieve financial inclusiveness. In addition to supporting digital renminbi payment in wearables, Huawei mobile POS has also realized digital renminbi transactions by analog merchants and realized payment in specific scenarios through smart contracts; for barrier-free scenarios, Huawei also Combining the barrier-free experience and technical capabilities to help digital renminbi barrier-free services, so that more consumers can benefit from digital financial inclusion.

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