China UnionPay, China Mobile Complete Platform Integration
Unionpay, 2/22/13
Chinese banking network China UnionPay and China Mobile (NYSE: CHL; 0941.HK) jointly announced on February 22 that the two companies had completed interoperability technology testing for their Trusted Service Manager (TSM) mobile payment platforms for card issuance and applications management, resulting in cross-industry interoperability between their TSM platforms.
With the connection of UnionPay and China Mobile's TSM platforms, users of the appropriate China Mobile client will be able to apply "over the air" for a banking IC card. The application process is simple and more convenient than traditional applications by mail or in person at banks: subscribers need only open the China Mobile software client and fill out the information required by their bank. After their application is approved, the banking IC card account data will be automatically downloaded to their China Mobile SIM card, which will subsequently do double duty as an IC card for financial services. Subscribers who use the SIM card in handsets supporting NFC payments will be able to make quick, convenient payments through their handsets at UnionPay terminals.
Using the UnionPay and China Mobile TSM platforms, subscribers will be able to add public transportation card, public insurance card, university student card, digital keycard access, and e-ticket functionality to their SIM cards.
Editor's Note: For more background on this topic, please see "China Mobile to Drive NFC SIM Card Adoption" MD 11/27/12 issue.
Keywords: China Mobile wireless mobile payment China UnionPay CHL 0941.HK Near Field Communication contactless payment
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