OnePlus Pay is coming in 2020 to challenge Google Pay

What you need to know

• OnePlus has announced it is working on its own payment service named OnePlus Pay.
• It is set to be released in 2020.
• There is no word yet on what countries it will support or what banks.

OnePlus held a pretty big event today in India, where it is launching the new OnePlus 7T along with its new TV. Most of the hardware has already leaked previous to the big show, leaving us with not much to be surprised about.

That was until OnePlus revealed it is working on a new mobile payment system to compete with Apple Pay and Google Pay. The new service will be aptly titled "OnePlus Pay" and is set to arrive in 2020. Besides that, there isn't much else that we know about the service.

OnePlus hasn't mentioned what technology it will be using or what banks it will support. However, we can assume it will make use of NFC contactless payments similar to most other mobile payment services. For example, NFC is used by other companies such as Apple, Fitbit, Garmin, Google, and Samsung to facilitate mobile payments.

We also don't know what countries OnePlus will target with its new payment system. Knowing how popular it is in India and considering the event was hosted there, it is entirely likely it could start there and expand later. Even so, it could also launch in multiple regions, we won't know for sure until next year.

Of course, with so many contactless payment systems already out there, the real question is what will make you want to use OnePlus Pay — Especially when Google Pay has already been around for years securing the support of countless banks.

Given that we aren't going to see OnePlus Pay until 2020, it is entirely likely it won't launch until the OnePlus 8 is released. If that's the case, we still have until May of next year. Hopefully, that gives OnePlus plenty of time to get a number of banks on board in the meantime.