By Sijing Sun •  January 13, 2012  •   •  167 words

All of China’s bank-led payment platforms and third-party payment providers would have to ensure their customers use their real names when paying online under regulations the People’s Bank of China proposed Jan. 5.
Use of nicknames or false names poses a security and money-laundering risk, and requiring the use of actual and verified names could… Read the rest

By Sijing Sun •  December 1, 2011  •  PaymentsSource  •  250 words

China UnionPay has enabled more than 3.8 million merchants to accept Near Field Communication-based payments as part of a push to expand mobile-payments acceptance in China, a spokesperson for the card organization tells PaymentsSource.
The company has enabled point-of-sale terminals in more than 20 provinces to accept NFC payments, according to the spokesperson. China UnionPay’s… Read the rest

By Sijing Sun •  October 27, 2011  •  PaymentsSource  •  247 words

Mobile e-commerce is taking off rapidly in China, according to a report released Oct. 26 by the Beijing-based iResearch Consulting Group.
China’s total mobile market, including not only e-commerce but also games, advertising and other value-added services, reached 10.83 billion yuan (US $1.7 billion or 1.2 billion euros) in the third quarter of this year,… Read the rest

By Sijing Sun •  October 25, 2011  •  PaymentsSource  •  266 words

The Beijing branch of China Telecom Corp. Ltd. has begun enabling customers to make payments using their China UnionPay cards over its mobile network as part of a pilot that launched Oct. 20.
According to the company, interested customers must upgrade their phones at any of 70 Beijing Telecom outlets around Beijing. During the upgrade,… Read the rest