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China to Continue Using Two Contactless Payment Standards

Shanghai Securities News, 11/14/11

Xu Yu, head of the Ministry of Industry and Information Technology's (MIIT) China Academy of Telecommunication Research (CATR) TeleInfo Institute, revealed at the recent Payment Innovation (China) Summit 2011 in Shanghai that both the 2.4GHz and 13.56MHz contactless payment standards will continue to co-exist in China. CATR also projected that the number of contactless payment users in China will rise by 139% in 2011, reaching a total of more than 80 mln.

Keywords: regulation Xu Yu users wireless contactless payment CATR MIIT standard mobile payment

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