Huawei is now said to be preparing a payment service to be announced in April, under the name Huawei Pay. The company has confirmed a partnership with China UnionPay, that may be start of something interesting.
Right now Apple Pay and Samsung Pay are available in China and evolving fast, so local competition is welcome. Huawei Pay promises to be compatible with cloud services, extra security and UnionPay Cards. Token technology will also be included in the mix, apparently. China UnionPay (CUP) is a domestic bank organization in China, that unites all the big banks into one entity.
It supports interbank networking and connects all ATMs in mainland China. Various retailers and tech giants in China, like Baidu and Alibaba have attempted to implement their own payment system, but Huawei may have more success. Expect a detailed announcement on April 6th, with the Huawei P9.