Update: China Unicom, China Merchants Bank Ally on Contactless Payment

Sina Tech, 11/27/12

China Unicom (NYSE: CHU; 0762.HK; 600050.SH) and China Merchants Bank have partnered on the release of an NFC contactless mobile payment solution. The two companies plan to distribute around 1.5 mln contactless POS terminals to merchants in China before the end of the year. Users will soon be able to make purchases at coffee shops, convenience stores, supermarkets, and a variety of other locations through their "Unicom Merchants Mobile Wallet."

Editor's Note: For more background on this topic, please see "China Unicom, China Merchants Bank Ally on Contactless Payment" MD 11/26/12 issue.

Keywords: China Unicom China Merchants Bank wireless contactless payment mobile payment POS 0762.HK 600050.SH CHU Near Field Communication

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