CHINA WORKS OUT DRAFT SCHEME FOR MOBILE PAYMENT STANDARD

AsiaInfo Services
06-03-2011
China Works out Draft Scheme for Mobile Payment Standard

BEIJING, Jun 03, 2011 (SinoCast Daily Business Beat via COMTEX) -- China has worked out a drafted scheme for the mobile payment standard in the country, disclosed Chai Hongfeng, vice president for China UnionPay, yesterday.

China UnionPay, the country's largest provider of electronic payment services, has completed a blue print for the national mobile payment standard under the guidance of the People's Bank of China (PBOC), the country's central bank, said Mr. Chai.

The scheme, according to Mr. Chai, makes clear requirement for techniques and technologies in smart cards, mobile phones, mobile operating system, client software, and financial applications based on the advanced international safety standard.

The local financial regulators have made it clear that companies are expected to launch a mobile payment business based on banking accounts, pointed out Mr. Chai, declining to give details of the standard. There is widespread market hearsay that the to-be-released standard will be based on the Near Field Communication (NFC) technology.

Source: www.sina.com.cn (June 03, 2011)

KEYWORD: BEIJING INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Online/Direct Banking
SinoCast China Business Daily news
mobile payment standard
blue print
NFC
technology
business
technology

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