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Mobile Wallet: A new way to pay

Do you still check you have the big three – phone, wallet and keys – when you go out? If so, you’re out of date! Now bank cards can be loaded on mobile phones to form a mobile wallet - the latest, ultra-convenient payment trend from CMB.

"Mobile Wallet” for fast payments

NFC (near field communication) is gradually being added the new generation of smart phones. The CMB/HTC mobile wallet is a perfect blend of NFC and bank card. By loading your bank card information onto a 3G mobile phone with a built-in security chip, your phone and bank card become integrated. Placing your phone near to a POS with a Shanfu logo on the cash desk generates a beep, confirming that you’ve made a payment without a card, PIN code or change. This avoids the inconvenience of carrying cash for cash payments, entering a PIN, and having to sign a card slip. At the same time, users can check the balance of their mobile wallets on their phones anywhere, anytime to track every cent they spend.

Currently, CMB’s mobile wallet can be used on any POS with the “Shanfu” logo, including supermarkets, fast food chains, drug stores, convenience stores, bakeries, and coffee shops. Moreover, customers can look for merchants who accept mobile wallet payments on the corresponding app.

It is reported that the The mobile wallet app is preinstalled on the three best-selling HTC NFC phone models: Desire C, One XC and One X. NFC is supported by China Mobile, China Unicom and China Telecom, the three major operators in China. All three models are available online and in retail stores. In the future, with more models installed with CMB’s mobile wallet, customers will have a much larger range of options.

Future Goal: No Credit Card at All

To save the trouble of topping up the mobile wallet at banks, CMB has developed the air-top-up solution. Customers simply need to associate the TOUCH card bound to the mobile wallet with their All-in-One cards, and then securely and immediately top up their mobile wallets anywhere, anytime up to a maximum limit of CNY 1,000.

CMB implements multiple security mechanisms for its mobile wallet to fully safeguard customers’ funds, including the top grade smart security chip, security controls and passwords for Internet banking, and the superior security of electronic cash compared with physical cash.

As a driving force of financial innovation in China’s banking sector since the late 1990s, CMB has seized the opportunity brought by the Internet revolution, pioneering the “cement + mouse” mode, and launching the first Internet banking platform in China – All In One Net – with significant success.

CMB has now embarked on the development of mobile payments, and has announced its strategic goal of eliminating credit cards in the near future by transferring credit card functionality to mobile terminals, and thus fulfilling demands for convenient and fast payments.