China Telecom Unveils Mobile Wallet Service

21st Century Business Herald, 11/29/13

Following in the footsteps of China Mobile (NYSE: CHL; 0941.HK) and China Unicom (NYSE: CHU; 0762.HK; 600050.SH), on November 28, China Telecom (NYSE: CHA; 0728.HK) and more than ten banks jointly announced the release of the company's "E-Surfing Mobile Wallet" contactless payment service. Beginning December 23, users will be able to sign up for mobile wallet service at China Telecom service halls. China Telecom will exchange the SIM cards of all users with near field communication (NFC) supported handsets for NFC-enabled user identity module (UIM) cards free of charge. China Telecom will release 30 mln NFC-enabled UIM cards in early 2014.

Starting in January 2014, China Telecom will gradually switch its 3G terminal offerings to NFC-enabled devices. All of China Telecom's 4G mobile terminals will be equipped with NFC functionality. The company expects that in 2014, more than 40 handset models will support China Telecom's E-Surfing Mobile Wallet.

Editor's Note: For more background on this topic, please see "5 NFC Smartphones Support China Mobile M-Wallet" MD 6/13/13 issue and "China Unicom Launches Mobile Wallet" MD 9/26/13 issue.

Keywords: third-party payment China Telecom Near Field Communication wireless contactless payment mobile wallet 0728.HK CHA

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