China Mobile, a telecommunications operator, has signed an agreement with payment service provider UnionPay to offer payment systems based on NFC technology embedded in mobile phones.
Through this deal, China will become a major provider of NFC payments mainly in the US and Europe allowing powered and non-powered devices to share small amounts of data, reported Global Times.
The deal will allow SIM cards house the NFC chips, but they will not have any pre-installed bank apps, limiting the telecom operators’ control of the system.
Additionally, China will now see an explosion in NFC payments, which will accompany its already-flourishing mobile payments sector.
Meanwhile, UnionPay and China’s telecoms operators have been preparing the infrastructure and support for a launch and have also tested NFC payments on Beijing public transport.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData