China to Announce National Mobile Payment Standard in 2013
Ebrun, 4/19/13
At the fifth annual China Mobile Payment Industry Summit in Beijing on April 18, Chai Hongfeng, executive VP of Chinese banking network China UnionPay announced that a specification for a national mobile payment standard has already been drafted, and could be announced within the year.
The Ministry of Industry and Information Technology's (MIIT) China Electronics Standardization Institute (CESI) is responsible for devising a national standard for mobile payments. The standard will use 13.56 MHz near-field (NFC) payment technology, and will be compatible with a number of solutions for smart-card products, including SIM card-based, SD card-based, whole-phone, and dual-interface SIMpass solutions.
Nie Linhai, deputy director of the Ministry of Commerce's Department of Electronic Commerce and Informatization, said at the summit that the department had set targets for e-commerce sales of RMB 18 trln, including online retail sales of RMB 3 trln, by the end of the 12th Five-Year Plan period (2011-2015) — but that it now appears that the actual figures will exceed the targets.
"The growth of e-commerce will drive growth in a number of related service industries," Nie said. "There are more than 150,000 service enterprises in China at present, with 2011 operating revenues of more than RMB 120 bln and 2012 revenues of more than RMB 200 bln. By 2015, we expect e-commerce service industry revenues of more than RMB 1 trln — and the payment industry will make up the bulk of this."
The Ministry of Industry and Information Technology's (MIIT) China Academy of Telecommunication Research (CATR) and China Mobile (NYSE: CHL; 0941.HK) predict that the mobile payment industry chain will have a total value of more than RMB 150 bln in 2013, and will maintain stable yearly growth of around 40% in the coming several years.
Keywords: Nie Linhai wireless CATR mobile payment MIIT Ministry of Commerce China Electronics Standardization Institute China UnionPay national standard Chai Hongfeng Near Field Communication contactless payment China Mobile Payment Industry Summit
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