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Mobile phone banking goes mainstream in China

The English version of the People's Daily Online (opens in new tab) newspaper reports that eight million Chinese mobile users have purchased everything from insurance to tickets using their mobile phones.

The transactions, made through China UnionPay,will be worth nearly 10 billion yuans for 2007.

8m users is roughly around 1.5% of the total number of mobile users in China and is set to catch up as more service providers allow mobile phone payments and more banks and commercial institutions.

The service has also been found to be particularly useful by people working in cities who wants to send money to their relatives far away in the rural areas.

In related news, the Royal Bank of Scotland has announced that it will begin trials of a new system called Tap and Go that will allow users to pay for items costing up to GBP 10.

The solution uses a short range, wireless technology to carry out the transaction.

Désiré Athow

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.