Paying bills by phone on the way
By Zhu Shenshen |
June 22, 2012, Friday
|
Print Edition
Print Edition
PAYING for goods and service with your mobile phone is expected to become widely available later this year, it was revealed at the Mobile Asia Expo in Shanghai.
Mobile payment services will greatly improve the user experience of more than a billion handset users in China and boost consumption and the economy, industry insiders said.
China Mobile and China Unicom both showcased their mobile payment services and devices at the expo.
Asia's top telecommunications show, being held in Shanghai for the first time, opened on Wednesday and ends today.
China Mobile, which paid 40 billion yuan (US$6.2 billion) to acquire a 20 percent stake in Shanghai Pudong Development Bank, has introduced phones with payment functions which, it says, allow users to "purchase a cup of coffee through a swipe of phone."
The carrier also said yesterday that it would support China UnionPay's mobile payment standard, ending a long-term struggle between the two sides.
"The convergence of mobile operator and finance firms will create various revolutionary mobile payment applications in near future," Xi Guohua, China Mobile's chairman, said during a forum at the expo.
China Mobile phones feature a technology called Near Field Communication or NFC, which helps smart phones establish links with other devices such as POS (Point of Sale) machines.
Mobile payment services will greatly improve the user experience of more than a billion handset users in China and boost consumption and the economy, industry insiders said.
China Mobile and China Unicom both showcased their mobile payment services and devices at the expo.
Asia's top telecommunications show, being held in Shanghai for the first time, opened on Wednesday and ends today.
China Mobile, which paid 40 billion yuan (US$6.2 billion) to acquire a 20 percent stake in Shanghai Pudong Development Bank, has introduced phones with payment functions which, it says, allow users to "purchase a cup of coffee through a swipe of phone."
The carrier also said yesterday that it would support China UnionPay's mobile payment standard, ending a long-term struggle between the two sides.
"The convergence of mobile operator and finance firms will create various revolutionary mobile payment applications in near future," Xi Guohua, China Mobile's chairman, said during a forum at the expo.
China Mobile phones feature a technology called Near Field Communication or NFC, which helps smart phones establish links with other devices such as POS (Point of Sale) machines.
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