Date
22 August 2017

China UnionPay, banks in NFC mobile payment trial, paper says

China UnionPay (CUP) said it has teamed up with seven other card-issuing institutions to launch a mobile payment service based on its Near Field Communications (NFC) technology platform, the Securities Times reported Thursday. The seven partners are Bank of China Ltd. (03988.HK, 601988.CN), China Construction Bank (00939.HK, 601939.CN), China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN), China Everbright Bank Co. Ltd. (601818.CN), Shanghai Pudong Development Bank Co. Ltd. (600000.CN), China Minsheng Banking Corp. Ltd. (01988.HK, 600016.CN) and Bank of Beijing. NFC is becoming the popular standard in mobile wallet solutions, with China Mobile, China Unicom and China Telecom rolling out trial schemes in several big mainland cities, the report noted.

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