China UnionPay Partners with 8 Banks to Launch NFC Payment System

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According to China Daily, China UnionPay has signed up 8 banks for the launch of its contactless mobile payments system, Wallet, in Shanghai.

With the system in place, customers can link their cards to NFC-enabled handsets from China Mobile. Then they can make low value payments with a swipe of their phone at the point-of-sale at retailers with contactless terminals.

Bank of China, Bank of Shanghai, Bank of Beijing, China Everbright Bank, China CITIC Bank, China Minsheng Banking Corp, GF Securities, and Shanghai Pudong Development Bank are all on board for the launch.