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

China 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.

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