Russia’s Solidarnost Bank Partners With China’s UnionPay & Huawei For Contactless Transactions In Russia

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UnionPay International has announced that UnionPay cardholders using their Huawei or Honor smartphones with Solidarnost Bank can now make contactless payments with Huawei Pay in Russia. The cooperation is a strategic move from UnionPay that follows the surging trend of the global contactless payment industry and accelerates the development of international mobile payment services.

Russia has one of the world’s the highest number of contactless payment transactions, and this cooperation makes Solidarnost Bank the fourth bank in Russia to launch Huawei Pay via mobile phone with UnionPay’s financial network.

UnionPay and Huawei together with other major Russian banks have been accelerating the localization of its mobile contactless payment.

To use the service, Solidarnost Bank UnionPay cardholders need to install the Huawei Wallet application, which is also available in the AppGallery branded app store. By adding the registered UnionPay card, cardholders can make purchases by simply tapping the phone at terminals that support UnionPay Mobile QuickPass with an authentication of a password or a fingerprint.

To promote the Russian consumer take up of the system, Huawei mobile phone users and access a wide variety of applicable privileges and promotions applicable to UnionPay contactless cardholders, including gifts and discounts of up to 70 percent in multiple categories including restaurants, hotels, entertainment, transportation, and many others.

Solidarnost Bank

Solidarnost Bank is among the largest Russian financial institutions with a Rating B +(RU) and forecast as Stable. It is among the most reliable banks in Russia, winning awards for achievements in the field of economics and finance at regional and federal levels. Solidarnost Bank has developed relations with partners abroad, improved its product line, and expanded its geographical presence. A regional network is already operating in Samara, branches and additional offices have been opened in Moscow, St. Petersburg, Irkutsk, Yekaterinburg, Vladivostok, Blagoveshchensk, and Naberezhnye Chelny.

UnionPay International

UnionPay is a Chinese owned, international payment system founded in 2002. Its payment acceptance network has expanded to 179 countries and regions, and 63 countries and regions have issued UnionPay cards. In Russia, UnionPay cards are accepted in over 95% of POS terminals and ATMs. Over 1.6 million POS terminals accept UnionPay cards with QuickPass contactless payment technology, and over 3 million UnionPay cards have been issued in Russia.

Huawei

Huawei products and services are available in more than 170 countries and are used by one third of the world’s population, making Huawei one of the three leading smartphone manufacturers worldwide. The company has opened 14 research centers in countries such as the USA, Germany, Sweden, Russia, India and China. The advantages of the Huawei global network, the volume of operations worldwide and the developed partner network are based on 30 years of experience in the telecommunications industry. Huawei phones are the most popular brand in Russia, as leading Chinese manufacturers continue to strengthen their positions, with Honor, Huawei and Xiaomi taking up as much 52% of the market in volume terms. Their aggregate share is about 50% of the total market. Over 60% of the Russian market is in the hands of two dozen Chinese brands.

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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