China Mobile, UnionPay to Cooperate on Mobile Payment

Sohu IT, 6/21/12

China Mobile (NYSE: CHL; 0941.HK) and Chinese banking network China UnionPay signed a partnership framework agreement for mobile payment services today under which the two companies will explore mobile payment products based on the use of SIM cards and other secure vehicles for transmission over mobile communications networks, as well as near-field payment technology standards, NFC handset product testing, and trusted service management platform connections.

Under the terms of the agreement, UnionPay and China Mobile will select and develop commercial districts in no fewer than 50 cities around the country for mobile payment service demonstrations, in which they will release mobile payment products based on NFC technology. In the near future, consumers will be able to "swipe" their mobile phones to pay at POS terminals labeled with the "Quick Pass" NFC payment logo.

Keywords: China Mobile wireless mobile payment China UnionPay POS CHL 0941.HK contactless payment Near Field Communication SIM card

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