China to see mobile wallet, standards soon

Dec. 6, 2012

NFC Times reports that state-owned China Mobile, the world's largest mobile provider, has officially unveiled its NFC mobile wallet roadmap. A China Mobile exec, speaking at the company's developers conference, confirmed that China Mobile will be offering an NFC SIM that will include a number of payment applications including retail payments and ticketing.

The mobile wallet will launch early next year, the report said.

China Mobile announced earlier this year its plan to work with China UnionPay on an NFC-powered mobile wallet. China UnionPay is the only bank card available in China.

China Mobile services claims a 70 percent market share in China and provides services to more than 700 million subscribers.

In a related story, China's central bank will soon release standards for mobile payments in China. China Daily reported that Li Dongrong, vice governor of the People's Bank of China, said technical standards from the bank will be forthcoming, something the PBOC has been promising for some time. 

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Topics: Carriers / Operators , Contactless / NFC , Mobile/Digital Wallet , Region: EMEA

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