Chinese giants China Mobile and UnionPay have joined forces to launch an NFC mobile payments solution in 14 of China’s biggest cities in coordination with eight leading Chinese banks.
The mechanism embeds payment information inside an NFC-enabled SIM card, in contrast to other platforms such as those in the US that tend to store payment information inside the mobile device itself.
The goal for this project is to roll out the NFC payment capability to 100 cities in China in the near future.
