China Unicom, ICBC promote mobile-phone payment service

China Unicom, ICBC promote mobile-phone payment service
The Industrial and Commercial Bank of China (ICBC), China Unicom (CHU.NYSE; 600050.SH; 00762.HK), China UnionPay, and the Shenzhen city government have jointly launched the trial commercial operation of mobile-phone credit card payment service, and rolled out China's first mobile-phone credit card.

The mobile-phone payment product combining bankcard and handset can help meet the demand of customers for paying small amounts on site. Users can make the payment by sweeping the mobile phone in front of the terminal without inputting password.

Currently, the near-field communications technology adopted for mobile phones can be used in over 2,000 POS terminals that support the non-contact chip card here in Shenzhen, and the number of POS machines is expected to top 10,000 by the end of this year.