InvestNet Inc has signed an agreement to install and test its Mobile Payment System at the Bank of China's Huang Pu branch in Guangzhou, in order to develop a virtual wallet payment service.
Under the memorandum of understanding, InvestNet will install and test MPS for the purpose of developing the virtual wallet. The MPS is designed to enable users to conduct transactions via mobile phones.
The Bank of China has also agreed that, should initial testing of the MPS prove successful, it will consider entering into a joint co-operative agreement with the vendor to continue the development of the system.
Norman Koo, CEO, InvestNet, says: "This initial testing of the MPS system in co-operation with the Bank of China could well provide InvestNet with the proven base from which to introduce this new technology."