China to set standards for mobile payment

BEIJING -- China will soon reveal its technical standards for mobile payments as the method becomes more popular in the country, a central bank senior official said on Wednesday.

Li Dongrong, vice governor of the People's Bank of China, China's central bank, made the comment at a forum on mobile payment in Beijing.

Mobile payment refers to paying through mobile devices, mainly cellphones which send orders to the buyer's bank account to finish the transaction.

PBOC has been considering rolling out technical standards for mobile payments since 2011. The innovation of mobile payment will help China diversify its financial services, Li added.

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