OnePlus Pay was briefly mentioned at a press event half a year ago with few other details to go on except that it was coming in 2020. Now it looks like the feature has begun rolling out.
OnePlus Pay has begun appearing on OnePlus 7T Pro phones in China. ITHome reports (via GizChina, Droid-Life) that it's packed inside the Wallet app on the OP7T Pro running Hydrogen OS, which is OnePlus's custom Android UI for the Chinese market.
Right now OnePlus Pay only appears to support a few banks and a couple credit cards. OnePlus hasn't made any official announcements about the feature yet, so it's unclear when more banks and cards might be supported, but you'd think that that'll happen soon.
It's rumored that while OnePlus Pay is currently only offered in China, it'll eventually expand to other markets including India and the US.
There are already several mobile wallets on the market, including Google Pay, Samsung Pay, and LG Pay just on Android. It's unclear what OnePlus Pay will offer to differentiate itself from the competition, but now that OnePlus is indeed going forward with its mobile wallet, the company must think it has something to offer that other wallets don't.