Date
16 October 2017

Banks rush NFC mobile payment services, paper says

Several major banks including some of China’s big four lenders are joining forces with telecom carriers to offer mobile payment services, China Economic Herald reported Friday, citing banking sources. These include Bank of China, Shanghau Pudong Development, Citic Bank and Everbright Bank. Meanwhile, Agricultural Bank of China, China Construction Bank and Bank of Communications are considering such tie-ups. The service uses a technology called near-field communication (NFC) to allow users to make payments on their smartphones. China’s NFC-based mobile payment market is estimated at 100 billion yuan (US$16.3 billion), the report said.

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