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Chinese banks sign up for China Telecom NFC wallet launch

China Telecom

Mobile network operator China Telecom is to launch an NFC mobile wallet in China later this year, in cooperation with more than a dozen financial institutions. More than 30m NFC-enabled SIM cards will be distributed in 2014, the carrier says, and customers will be able to choose from over 40 mobile phones that work with the new Tianyi mobile wallet.

China Telecom subscribers will be able to use Tianyi to make payments for transportation, dining and shopping. Personal authentication services, airport check-ins and employee ID services are to be introduced in the future.

Financial institutions that have agreed to support the Tianyi service include Bank of China, Agriculture Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, China Merchants Bank, PingAn Bank, Guangdong Development Bank, China Minsheng Banking Corporation, China Everbright Bank, Shanghai Pudong Development Bank, Postal Saving Bank of China, Bank of Beijing and Bank of Shanghai.

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