BankTech

China Merchant Bank Adopts NXP’s Solutions for Mobile Payments

NXP Semiconductors is one of the leading secure connection solution providers. The company recently announced the adoption of its mobile payment solution by China Merchants Bank (CMB) for its latest financial product ‘All in One Mobile’. The move enables NXP to become a core partner of CMB for its industrial innovation. NXP also received recognition by key Chinese banks as well as China UnionPay.

With the rapid growth of smart phones and mobile internet, the market for emerging value-added applications such as mobile payments has seen explosive growth. Analysys International, China’s leading technology research and consulting organization, forecasts that by 2015, the mobile payment market in China will reach USD 116.8 billion.

As Government requirements for licensing and technical standards become clearer and an increasing number of new technologies and companies emerge, China’s mobile payment market is developing rapidly. The industry is seeing an array of new applications, due to the close correlation between personal devices and information, and the intimate connection between mobile payment and daily lives.

NXP is a globally-leading provider of Near Field Communication (NFC) technology, providing protection to financial transactions with a total value exceeding hundreds of millions of dollars. NXP secure connection solutions have been adopted by major local and foreign mobile brands. The launch of CMB’s ‘All in One Mobile’ is another reflection of NXP's proactive industry innovation in order to construct an eco-system for mobile transactions.

‘All in One Mobile’ enables secure payment of large and small amount mobile phone payment through secure connections, and allows the deposit and withdrawal of cash at ATMs through mobile phones. At present about 4 million POS terminals and 10,000 CMB’s ATMs support ‘All in One Mobile’, allowing users to carry out a range of banking activities through their mobile phones. In the future, 500,000 ATMs with “Union Pay” logo will support this function.

NXP plays an industry-leading role in developing and promoting NFC technology and applications. The company works closely with industry partners and provides hardware, software, applications and technical support for certification and testing. It also provides best solutions for NFC mobile payments for industries.

Ray

Ray has keen interest in the area of devices, OS and wireless technologies. He is a Mobile Technology enthusiast and believes that Mobility is going to completely change the way we do Payments and Commerce. He wishes to share this belief with the world by providing such content through LetsTalkPayments. Ray has done his engineering as well as MBA.

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