China Unionpay has formed a mobile payments industry alliance with a group of Chinese banks, wireless operators and handset manufacturers, according to finextra.com.
China Unionpay says the alliance’s goal is to help different industries–transportation, commercial retail, hospital–coordinate efforts to create a single, open m-payments platform defined by the ISO standard.
The group comprises 18 banks, including Industrial and Commercial Bank of China, Agriculture Bank of China and Construction Bank of China, mobile operators China Unicom and China Mobile, handset manufactures Nokia and Lenovo and several card and chip card producers, terminal operators, system integrators and academies.
According to Finextra, Singapore is launching a similar initiative in which authorities, banks, telcos and payment processors are working together to develop an infrastructure for contactless m-payments.
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