China Merchants Bank (CMB) has adopted mobile payment solution of NXP Semiconductors, the international secure connection solution provider, for its latest financial product ‘All in One Mobile’.
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‘All in One Mobile’ will enable secure payment for large and small mobile transactions through secure connections besides allowing the deposit and withdrawal of cash initially at four million POS terminals and 10,000 CMB’s ATMs through mobile phones.
NXP’s NFC technology, which is based on a physical carrier with a secure encryption module in its hardware, will support smartphone models including Samsung’s Note 4 (N9100 and N9106W), Huawei Honor 6 Plus, OPPON3 (N5207 and N5209) and OPPO N1 Mini (N5117).
CMB’s Retail Banking Department general manager Hu Tao said in a CMB forum titled ‘Creating mobile finance eco-system through inter-industry partnership’: "Given NXP’s leading position in mobile payments, we are very pleased to be in partnership with the company to jointly establish an eco-system for mobile finance. Now we can offer more secure and convenient mobile payment options for consumers and smart phone users in China."
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By GlobalData
