TMCNet:  China Merchants Bank, China Mobile cooperate in mobile payment mkt

[February 05, 2013]

China Merchants Bank, China Mobile cooperate in mobile payment mkt

BEIJING, Feb 05, 2013 (Xinhua via COMTEX) -- China Merchants Bank (CMB, 60 0036.SH) and China Mobile (CHL.NYSE; 00941.HK) signed a cooperation fr amework agreement on Tuesday to take a share in the mobile payment mar ket.

According to the agreement, CMB and China Mobile will lau nch strategic cooperation in mobile payment, marketing channels, and c ompany customer communication. Users will be able to enjoy some of CMB 's services through China Mobile's near field communication (NFC) cell -phone wallet client.

CMB established partnerships with China Unicom (CHU.NYSE; 00762.HK; 600050.SH) and China Telecom (CHA.NYSE; 00728.HK) respectiv ely in November and December last year.

The cooperation with China Mobile further enhanced CMB's competitiveness in the mobile payment market, and will accelerate the progress of transplanting the bank's credit card function to mobile te rminal devices to satisfy public demand for a more convenient payment method, according to Ma Weihua, president of CMB.

China Mobile president Li Yue unveiled that the telecom o perator aimed to sell around 120 million mobile phones this year, incl uding 80 percent smartphones, and the sales of mobile phones with mobi le payment NFC function were expected to reach 10 million units. (Edit ed by Luo Jingjing,

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