China Adopts 13.56MHz National Contactless Payment Standard
ChinaByte, 9/26/12
At an e-banking summit organized by the China Financial Certification Authority (CFCA) yesterday, Fan Shuangwen, deputy director of the Payment and Settlement Department of the People's Bank of China (PBoC), announced that China will adopt 13.56MHz NFC as the national standard for contactless payment. Other sources within the PBoC said the standard still needs to be approved by other agencies and will be officially announced at the end of 2012.
A number of mobile payment industry insiders, however, said that the new standard does not mean that China Mobile (NYSE: CHL; 0941.HK) will abandon its 2.4GHz RFID-SIM contactless payment system, which it has already deployed in certain areas and will continue to support.
Chinese banking network China UnionPay plans to expand its contactless payment solution in airports, rail stations, and schools over the next year, bringing the total number of contactless payment POS terminals that support credit cards to 1.2 mln and the number of commercial areas using the service to 105.
Keywords: Fan Shuangwen China Mobile wireless contactless payment China Financial Certification Authority mobile payment China UnionPay People's Bank of China national standard CHL RFID 0941.HK Near Field Communication
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