Oneplus Enters Mobile Payments & Digital Wallet Game

  • BBK owned Oneplus has launched these services on select smartphone models
  • BBK owned Realme has recently introduced financial services in India
  • Xiaomi and Samsung also retail smartphones equipped with NFC features

China-based Oneplus has introduced near-field-communication (NFC) mobile payments and digital wallet service in its home country. It is to be noted here that several smarphone brands, including the likes of Xiaomi and Samsung, have already introduced such services on some smartphone models.

A report by Global Acceptance Transaction Engine (GATE) had earlier highlighted that there were around 1.6 billion active wallet accounts in China. India, as per the same report had the second-largest number of such wallets installed.

According to the recent market research report from Technavio, the global mobile payment market size is expected to grow at a CAGR of close to 36 per cent by 2021.

Oneplus has launched services on select smartphones

The China-based smartphone brand has launched the services on Oneplus 7T and Oneplus 7T Pro. Oneplus is currently rolling out the service in China in a phased manner. The company has neither confirmed nor denied the possibility of launching these services in India.

Interestingly, Realme (owned and operated by BBK) had introduced financial services program in India recently. It is to be noted here that Realme, Vivo, Oppo and Oneplus are smartphone brands owned and operated by China-based BBK.

Many other brands including the likes of Xiaomi and Samsung are already offering NFC services on some of their smartphone models in the global markets. Redmi Note 8 Pro, Redmi K20 Pro and Poco F1 are some of the smartphones that Xiaomi retails with NFC feature in India. Samsung, on the other hand, retails Galaxy A51, Galaxy A71, Galaxy S10 Lite among other models equipped with NFC feature.

Asia-Pacific is touted to be the biggest revenue contributor to the mobile payment market until 2020.