China UnionPay Establishes Mobile Payment Alliance

ChinaEconomics.cn, 5/11/10

Chinese banking network China UnionPay has established a mobile payment industry alliance in cooperation with commercial banks, mobile telecom operators and handset manufacturers. A spokesperson for China UnionPay said that the new alliance will serve as an open platform to attract third-party service providers of all kinds. The alliance's founding members include 18 national and regional commercial banks such as the Industrial and Commercial Bank of China, the Agricultural Bank of China, China Construction Bank, and Bank of Communications, along with China Unicom (NYSE: CHU; 0762.HK; 600050.SH) and China Telecom (NYSE: CHA; 0728.HK), handset makers such as Nokia and Lenovo (0992.HK), as well as manufacturers of smartcards and security chipsets, systems integrators, and institutes of technology and related organizations.

Keywords: wireless mobile payment China UnionPay industry association

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