(Yicai) Oct. 17 -- Chinese telecoms giant Huawei Technologies has changed the name of its payment service to Petal Payment more than two years after its launch.

Shenzhen-based Sharelink Network, the digital payments provider Huawei bought in 2021 to secure a digital payments license, was renamed last week, according to information China’s central bank released on Oct. 13. Huawei applied for the Petal Payment trademark that same year.

Petal Payment mainly focuses on innovating and improving the user experience, positioning itself as an innovative full-scenario payments platform, Securities Times reported yesterday.

Petal Payment does not compete but instead partners with Tencent Holdings' WeChat Pay and Alibaba Group's Alipay, which have over 90 percent of China's payment market share, according to Securities Times, citing Ma Chuanyong, president of Huawei's terminal cloud service payment business group.

“When new scenarios and markets expand, people will use Petal Payment and our share will increase,” Ma added, noting that all payment firms’ profit models are based on transaction flow rates.

Shenzhen-based Huawei announced last November that Alipay had been connected with its HarmonyOS ecosystem, and the two will explore more possibilities based on the operating system’s services.

Huawei appreciates the added value brought by its payment services, including its game, music, and video ecosystems, according to Ma. With so many people using it, its value is more significant to the firm, Ma pointed out.

Established in 2013, Sharelink Network was funded by ZTE Software and has a payment business license, allowing it to handle internet and mobile phone payments.

Editor: Martin Kadiev