China Mobile and China UnionPay Launched Mobile Payments Solution, Joined by Eight Banks

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U803P2T1D8444242F13DT20130617002754China UnionPay (China’s bankcard association) and China Mobile rolled out a mobile payment platform in a combined effort in May. Bank of China, China Citic Bank, China Everbright Bank, China Minsheng Bank, China Guangfa Bank, Shanghai Pudong Development Bank, Bank of Shanghai and Bank of Beijing are the first batch of commercial banks that joined the platform (in Chinese).

This new payment solution required NFC-enabled phones (by now only HTC One, Samsung Galaxy S3&S4 and some models by Huawei and ZTE) and a customized SIM card. It’s for free for any China Mobile user to replace the SIM card for a new one.

Users first apply for the service, and after verification, applications will be downloaded into your phone and connect to your bank account.

With the mobile payment system, SIM card can now serve as a bank account carrier, enabling remote payment services via the mobile communication network, such as credit card repayment, convenient utilities payment and online shopping. In addition, users can enjoy fast payment in convenience stores, vending machines and other places with UnionPay’s “Quick Pass” logos. Users don’t need to input passwords and sign their names anymore. It will be applied to various places like metro station, high-speed rail station, express way station, parking lot and so on.

Currently retailers like Starbucks, Haagen-Dazs, Mannings and Citic Bookstores support the solution. Then you can swipe your phone rather than your transport card to pay the bus fee in the near future.

image credit: sinaimg.cn