Ooredoo has already a strong position in fintech in Qatar that represents a 35% market share of the overall mobile money transaction value in the MENA region, based on a 2022 GSMA study for the MENA market.
Under the agreement, the two entities will cooperate for Ooredoo to provide state-of-the-art, mobile-first financial services on Huawei’s platform for both consumers and merchants in Ooredoo’s markets.
A key pillar of Oooredoo’s strategy is evolving its core, and this includes identifying new use cases and exploring new businesses in its immediate industry adjacency such as fintech, where Ooredoo has already established operations in Qatar. Its plan in 2023 is to evolve its fintech marketplace to other markets within its footprint, enabling it to simplify everyday financial transactions and drive financial inclusion.
Fintech increasingly provides consumers and merchants across the globe with easy access to a broad ecosystem of financial services, from remittance services to microcredits or insurance services.
In January 2022, Huawei partnered with Curve to enable contactless payments in stores using the NFC chip on Huawei smartphones. Huawei has found a way to enable contactless payments through their smartphones via Curve. The app can keep track of spending, display stats, and works with most European bank cards. One of the features includes a ‘Go Back In Time’ option that lets a customer charge a different card in case they've used the wrong card at the store.
Later on, in February 2022, Huawei partnered with Aleta Planet and UnionPay to offer its users the ability to add the AP-1 UnionPay virtual card to the Huawei Wallet. Aleta Planet said that its AP-1 virtual card can be added to phones capable of making UnionPay contactless and Quick Response (QR) Code payments, and have the Huawei wallet. The card allows users to pay, remit, and collect payments through the UnionPay network with the advantage of allowing foreigners to pay like a local in China.
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