To keep up with the competition, Chinese firms have been rumoured to be working on their own mobile payment services. The first Chinese company to announce the payment service is Huawei, who has just announced mobile payment service called Huawei Pay. The service is expected to work with Huawei's smartphones and wearable products.

Huawei didn't reveal any specifics about the service during their press conference, except it support from only one local lender, the Bank of China. For comparison, Apple has support from 19 Chinese banks since its debut back in February. It uses NFC connectivity and is currently supported by the Huawei Mate S.