China Unicom, China Merchants Bank Ally on Contactless Payment

Techweb, 11/26/12

China Unicom (NYSE: CHU; 0762.HK; 600050.SH) and China Merchants Bank today officially launched the "Unicom Merchants Mobile Wallet" contactless payment product. China Unicom users can embed their China Merchants Bank account information in a USIM card, allowing them to complete bank card transactions by swiping their handset at compatible contactless payment terminals.

The product will initially be available in Shanghai next month. Users can apply at Shanghai Unicom service halls, and can use the service at all China UnionPay QuickPass POS terminals. Starbucks and Watsons are among those merchants already using the terminals.

Keywords: Shanghai Unicom China Unicom China Merchants Bank wireless contactless payment POS 0762.HK 600050.SH CHU

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