Telco China Unicom and China Merchants Bank (CMB) are preparing to launch an NFC-based mobile wallet in Shanghai next month ahead of a national roll out.
From December Shanghai residents will be able to link their CMB accounts to the SIMs in various NFC-enabled handsets such as the Samsung Galaxy SIII.
Low value purchases can then be made by tapping handsets against the city's 162,000 point-of-sales terminals which incorporate China UnionPay's QuickPass contactless technology.
Image posted by China Unicom on microblogging site Weibo
The pair say that they intend to extend the service to their tens of millions of customers nationwide next year as well as work on other mobile money features such as remote payments.
to 90k base + commissionLondon, UK
© Finextra Research 2013