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China Unicom to launch trial commercial use of mobile-phone payment in Nov.

Updated:2010/10/20 11:14

China Unicom (OOTC:CHUFF) (CHU.NYSE; 600050.HK; 00762.HK) will formally launch the trial commercial use of mobile-phone payment service in November, revealed an insider from the carrier's product innovation department.

Beijing, Shanghai, Guangzhou and Chongqing will be the first group of cities of the pilot.

The mobile-phone payment service offered by China Unicom adopts SIMpass mobile payment technology provided by Watchdata System Co., Ltd., an innovative data security and smart card technology provider.

Service subscribers can apply the service by changing their SIM cards.

China Unicom and Beijing Municipal Administration and Communications Card Co., Ltd. have jointly rolled out a service, which enables its subscribers in Beijing to make mobile pay when taking public transport via the handsets that support mobile-phone payment service.

China Telecom (CHA.NYSE; 00728.HK) and China Mobile (CHL.NYSE; 00941.HK) have also started the promotion of their mobile-phone payment services.

Ouyang Weimin, head of the Payment and Settlement Department of the People's Bank of China (OOTC:BACHY) , or the Central Bank, said the bank would boost the development of mobile payment in full swing, and embed more financial services in the payment model.

Market researcher Analysys International said China's mobile-phone payment market size topped 1.974 billion yuan last year, and the three-year compound growth would top 70.4 percent.

 Source:Xinhua
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