China accounts for almost 62 percent of all global mobile transactions. Yet, despite nearly being a cashless economy many Android users remain on the outskirts of gaining access to a mobile wallet enabling them to use cryptocurrencies for mobile payments.
That is until now.
In a bid to connect bitcoin to the $12.8 trillion mobile payment market in China, BTC.com, a digital currency platform, has today announced that its mobile wallet will be the first cryptocurrency app released on Huawei’s AppGallery.
Compared to the U.S.’s estimated $49.3 billion total mobile transactions made in 2017, China’s trillion-dollar market represents an opportunity not to be missed. And this is something that the Beijing-based company is attempting to maximise on. For many Android users, though, accessing the Google Play Store is not possible due to what is known as The Great Firewall of China.
Now, however, BTC.com’s wallet gives Huawei users a chance to interact with a digital currency app for the first time. The Huawei AppGallery will also be pre-installed on all new Huawei and Honor phones, starting with Huawei P20, rolling out to older devices during Q2 2018.
Speaking to Bitcoindicate, Alejandro de la Torre, director of business operations at BTC.com, said that the cryptocurrency financial payment system provides a secure and safe alternative to the traditional payment system we have today, adding that the venture:
…unlocks the potential to reach areas in China not serviced by the traditional financial system. Additionally, fees are traditionally much lower in cryptocurrency transactions opening up a world of possibilities for consumers.”
Since 2015 BTC.com has attracted over a million users and processed more than five billion dollars worth of bitcoin and bitcoin cash. As one of the largest bitcoin mining pools in the world, which recently produced the 17 millionth bitcoin, the platform is ‘democratising bitcoin by breaking down barriers to entry and ensuring new users can access bitcoin and bitcoin cash in a simple, secure, and trusted environment,’ de la Torre said.
Notably, despite China’s crackdown on cryptocurrency exchanges, which saw an outright ban on them last September, de la Torre is of the opinion that the partnership with Huawei will mean that it will become the ‘go-to app for everyday cryptocurrency payments in China.’
“China has seen an explosive growth in online payments,” he added. “Contrary to popular belief China’s strict stance towards cryptocurrency is mainly aimed at exchanges. Cryptocurrency usage is a viable alternative to many of the mobile payment providers used in China.”