Chinese news outlets are reporting on two separate announcements involving banks and telecoms.

According to Global Times, Shanghai Pudong Development Bank and China Mobile have launched a near field communication service that allows customers to use their smartphones to make mobile payments and transfer money. The news was announced late last week at a press conference.

And CRIEnglish.com, the English-speaking component of China Radio international, reports that China Everbright Bank has signed a strategic cooperation agreement with China Unicom to develop business in mobile finance. The bank will focus on mobile payment service to facilitate NFC and online payment.

Learn more about NFC.