China Post to Launch Mobile Payment Services (July 15, 2014)
Chinese postal network China Post will make a major investment toward building a mobile and online payment service. The state-run post—which already has been granted approval by the People’s Bank of China to establish the platform—will contribute CNY100 million (US$16.1 million) to roll out the service, which will be headquartered in Chongqing. China Post did not announce a date for launching the service.
During the past several years, national postal services worldwide have launched financial services products. Among the leaders are Switzerland, where revenue from such services comprises 71 percent of the post’s operating profits, New Zealand (70 percent of revenue) and Italy (67 percent of revenue), according to a report by the U.S. Postal Service’s Office of Inspector General. In 2012, the U.K.’s national post service launched an NFC-based contactless payment program, which it said was Europe’s largest to date.
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