China Is Developing A Nationwide Mobile Payments Infrastructure
Friday, February 14, 2014
China has a new national mobile payments platform. The system, which the People’s Bank of China began testing last year, provides a ubiquitous mobile payments infrastructure for financial institutions and mobile operators.
What this means is that all the different enterprises that offer mobile payments will use one set of rails so that mobile payments can be rolled out smoothly.
The new system was developed for NFC-based smartphone payments, which require users to move their mobile phones in close proximity to a scanner in order to make a payment.
Source: Business Insider (link opens in a new window)