Huawei has teamed up with Bank of China to release its own mobile payment service in China, known as Huawei Pay, reported Beijing Business Today on March 10. Similar to Apple and Samsung, Huawei's mobile payment solution also uses NFC (Near-Field Communication), which claims better security than online payments. However, most POS (Point of Sale) machines currently in use in China do not support NFC technology. Bank of China is reportedly to update all domestic POS machines by May 2017. At present, e-commerce companies hold a hefty share of the Chinese mobile payment market, including Alibaba's Alipay, Tencent's Tenpay, and WeChat Pay. Huawei is the first Chinese smartphone company to break into this market.