Mobile payment solution enables 'all in one' mobile

23rd December 2014

Siobhan O'Gorman

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China Merchants Bank (CMB) has adopted NXP Semiconductors’ mobile payment solution for its All in One Mobile. Through this adoption, NXP has become a core partner of CMB and received recognition by key Chinese banks and China UnionPay.

Due to the growth of smart phones and mobile internet, the market value-added applications such as mobile payments has expanded. According to Analysys, the mobile payment market in China will reach $116.8bn by 2015. China’s mobile payment market is growing rapidly, with Government requirements for licensing and technical standards becoming clearer and an increasing number of technologies and companies emerging.

Through secure connections, the All in One Mobile enables secure payments of large and small amounts and the deposit and withdrawal of cash at ATMs. Currently, approximately 4m POS terminals and 10,000 CMB’s ATMs support the All in One Mobile. In the future, 500,000 ATMs will display the Union Pay logo, allowing users to carry out a range of banking activities through their mobile phones.

Based on a physical carrier with a secure encryption module in its hardware, NXP’s NFC technology allows the All in One Mobile to operate securely. Smartphone models that currently support the All in One Mobile functions include Samsung's Note 4 (N9100 and N9106W), Huawei Honor 6 Plus, OPPON3 (N5207 and N5209) and OPPO N1 Mini (N5117).

At a recent CMB forum ‘Creating Mobile Finance Eco-system Through Inter-industry Partnership’, Li Zheng, Senior Vice President, Global Sales and Marketing, Greater China and China Country Manager, NXP, said: "NXP is focusing on providing more convenient and secure user experiences for consumers and companies. The strategic partnership between NXP, CMB and China UnionPay demonstrates our proactive efforts in developing valuable solutions and driving innovation in China’s mobile finance industry, as well as constructing an eco-system for mobile transactions. Our common aim is to provide secure connections for a smarter world.”

Hu Tao, General Manager, Retail Banking Department, CMB, said: “Given NXP’s leading position in mobile payments, we are very pleased to be in partnership with the company to jointly establish an eco-system for mobile finance. Now we can offer more secure and convenient mobile payment options for consumers and smart phone users in China.”