NFC gaining traction with more Chinese banks

Leverages advantages of smartphones in financial transactions.

Shanghai Pudong Development Bank and China Everbright Bank have entered into agreements with Chinese mobile phone companies to offer “near field communication” or NFC services.

Shanghai Pudong Development Bank and China Mobile have launched an NFC service that allows customers to use their smartphones to make mobile payments and transfer money.

China Everbright Bank signed a strategic cooperation agreement with China Unicom to develop business in mobile finance. The bank will focus on mobile payment service to facilitate NFC and online payments.

NFC is a set of standards for smartphones and similar devices to establish radio communication with each other by touching them together or bringing them into close proximity, usually no more than a few inches.