China will soon reveal its technical standards for mobile payments as the method becomes more popular in the country, a central bank official said.
Consumer goods and services, mobile payments and healthcare have become the three most popular industries for Chinese startup entrepreneurs.
A national standard for China's financial mobile payment is expected to be released in the near future.
Officials from the People's Bank of China said that China will issue a national mobile payment standard as early as the end of the year.
The online payment platform Shenzhen Tenpay Co Ltd said on Tuesday it will provide mobile payment services for weixin users.
China Merchants Bank and cell phone maker HTC released the "CMB wallet", which will allow consumers to spend money by placing their phones near a device.
The People's Bank of China said it would launch pilot projects for mobile payment services in China's rural areas, the China Securities Journal reported.
The Chinese government has almost reached an agreement to adopt a mobile payment standard initiated by China UnionPay.
China Mobile Ltd said on July 11 that it successfully developed the first TD-SCDMA 3G mobile phone supporting the Near Field Communication technology.
China Mobile Ltd and China UnionPay plan to explore new mobile payment methods.
China needs to develop its own national standard for the fast-growing mobile payment industry.
China UnionPay Co Ltd announced on Tuesday the launch of the first smartphone with built-in mobile payment capability, jumping ahead of domestic rivals in the world's most populous mobile phone country.
China UnionPay, one of the world's leading bank card associations, signed a framework agreement with China Construction Bank (CCB) on Tuesday to explore a mobile phone payment program.
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