Huawei has launched a beta version of the Wallet application, allowing users to test an early version of the virtual medical insurance card business. This virtual medical insurance card feature is jointly developed by Huawei Wallet, the National Government Service platform, and the National Medical Security Administration of China.

The current public beta is only supported by smartphones with NFC, while other models will open in subsequent versions. Further inputs reveal that the electronic social security card is an effective electronic certificate for the online application of social security. How will the virtual card be used? It is designed for one-to-one use cases and uniquely mapped to the physical social security card.

This service is issued by the national social security card platform and managed by the Chinese Ministry of Human Resources and Social Security. Similar to a physical social security card, the electronic social security card is unified and universal throughout the country and has the features such as identity certificates, information records, self-service inquiries, medical insurance settlements, payment and benefit collections, and financial payments. Huawei wallet allows one to conduct digital transactions on smartphones and terminals.

Aside from transactions, the app allows people to add their loyalty cards, gift cards, and coupons. One can instantly add his bank card to pay in-store with just a tap or scanning the bar code. Huawei launches mobile payment solution together with MuRong Global tech giant Huawei and China-based IT provider of payment export and scenario-based finance MuRong have partnered to release a Mobile Payment and Micro Finance Solution.

The solution was presented during the Huawei Intelligent Finance Summit 2022 and reflects the innovation both companies have put into inclusion finance. The new feature helps banks to build a 1+4+7 end-to-end solution, which includes a cloud-native platform provided by Huawei, four types of financial applications operated on the MuRong Inclusive finance service platform, as well as seven specific products. Among the specific products MuRong in collaboration with Huawei will offer, we can count for a super app, Open Banking platform, micro loans, micro savings, digital payments, digital marketing, and digital operations.

Through this solution, commercial banks, payment institutions, telecom operators, and other fintechs can interconnect and jointly innovate to the benefit of each other. .