China’s mobile platform is based on Near Field Communication technology (NFC). The platform enables communication between financial institutions that provide mobile payments, and mobile network operators.
Mobile payment arms of China’s leading financial organisations, including China Construction Bank, China CITIC Bank, China Everbright Bank, China UnionPay have been connected to the country’s largest telecom operator China Mobile.
According to iResearch Group, so far the volume of payments done using NFC in China is quite small, only 0.8 %, which could be explained by the small number of NFC-terminals. In 2013 third-party mobile payment transaction surged 700 % to reach USD 197 billion.
The system has been undergoing trials since the end of last year.
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