Card scheme China UnionPay has signed up eight banks for the launch of its contactless mobile payments system, Wallet, in Shanghai.
According to China Daily, the firm officially unveiled the app on Friday, enabling customers to link their cards to NFC-enabled handsets from China Mobile.
Users can make low value payments with a swipe of their phone at the point-of-sale at retailers with contactless terminals. The app also pushes vouchers from partner retailers.
Bank of China, Bank of Shanghai, Bank of Beijing, China Everbright Bank, China CITIC Bank, China Minsheng Banking Corp, GF Securities, and Shanghai Pudong Development Bank are all on board for the launch.