China Testing Central Bank Developed NFC Payments Platform
Published on: 16th Feb 2014
Note -- this news article is more than a year old.
China's Central Bank has developed a single national mobile payment platform based on NFC Techonology a bank official has announced. People's Bank of China Deputy Governor Li Dongrong said that the facility began trial operations at the end of last year.
The platform has already been connected to the mobile payment branches of seven payment organizations and then to China Mobile's network.
The platform "provides a solid infrastructure foundation to help China boost domestic information consumption and make the sector a new driver for economic growth", Li said.
He said that mobile finance has entered an era of "standardization", so it's important to provide an integrated ecosystem with unified standards to help mobile payment providers cooperate.
However, NFC based mobile payments accounted for just 0.8 percent of the third-payment mobile market in China in 2013 due to the scarcity of terminal devices, said consultancy iResearch Group.