China Mobile and China UnionPay reached a strategic agreement yesterday to build a mobile banking platform.
The two companies will work with ten banks to launch the mobile platform in Beijing by the end of June 2005. Those ten banks participating are Bank of Communications, CITIC Industrial Bank, Pudong Development Bank, Xingye Bank, Mingsheng Bank, Guangdong Development Bank, Shenzhen Development Bank, Huaxia Bank, Bank of Beijing, and the Agricultural Credit Cooperatives.
The service will be charged to users at CNY5.00 per month.
After enrolling in the mobile banking service, consumers can pay bills such as telephone, water, gas, and cable TV with their mobile phone.
A representative from China UnionPay has also disclosed that the two parties will initiate cross-bank transfers and remittance services in the latter half of 2005.