CUP INKS AGREEMENT WITH TOP 3 TELECOM OPERATORS

AsiaInfo Services
05-03-2011
CUP Inks Agreement with Top 3 Telecom Operators

CHENGDU, May 03, 2011 (SinoCast Daily Business Beat via COMTEX) -- China UnionPay (CUP), the nation's sole debit and credit card payment handing network, reached an agreement with the nation's top three telecom operators at the 2011 China (Chengdu) Mobile E-commerce Annual Conference.

According to the agreement, CUP will team up with the three telecom operators, including China Mobile Ltd. (SEHK: 0941 and NYSE: CHL), China Telecom Corp. Ltd. (NYSE: CHA and SEHK: 0728), and China Unicom (NYSE: CHU, SEHK: 0762, and SHSE: 600050), to provide support to mobile telecom technology- and mobile payment-based commercial resource consolidation as well as business flow reconstruction launched by the nation's primary industry, secondary industry and tertiary industry. However, to industry observers' disappointment, the agreement does not mention development direction of the nation's mobile payment standard. Thus it is regarded as an agreement of non-practical meaning.

Currently, the three telecom operators have a total of over 800 million mobile phone users and banks across the country have issued about two billion bankcards.

Source: www.sina.com.cn (May 03, 2011)

KEYWORD: CHENGDU INDUSTRY KEYWORD: Internet & Online Services & Media SUBJECT CODE: Internet & Online Services
Online/Direct Banking
SinoCast China Business Daily news
telecom
mobile phone
payment
standard
bankcard

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