National Standards for Mobile Payments Nearly Ready

(Beijing) – The Ministry of Industry and Information Technology (MIIT) has finished compiling national standards for mobile payment of retail transactions and is expected to release them by the end of 2012.

Chai Hongfeng, executive vice president of China UnionPay, an association for the banking card industry, said at an industry summit on April 18 that MIIT has a final draft for standards prepared, the Shanghai Securities News reported.
 
The new standards clarify regulations for a type of mobile payment called near-field communication (NFC), Chai said. NFC involves making a payment by swiping a mobile phone fitted with a special card within 10 centimeters of an electronic reader. Payment requires mobile devices to be fitted with special SIM, SD or dual interface cards.