Wave Systems Corp. (fka WAVXQ)

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Nokia Formally Puts Mobile Phone Payment Into Commercial Use In China
August 2, 2007
Global mobile phone giant Nokia (NOK) has formally put its mobile phone payment service into commercial use in Beijing, Guangzhou and Xiamen.

Nokia's mobile phone payment service is based on Near Field Communication, an upgraded technology of RFID, which enables mobile phones to realize e-payment and data downloading services. The service is expected to facilitate mobile phone users by allowing them to use a mobile phone to pay their transportation fees, film tickets and food.

Zheng Shaodong, director of Nokia's Asian NFC Business Department, says that Nokia has started up the whole mobile payment chain with this first ever NFC mobile phone payment put into commercial use.

According to a survey conducted by Nokia on target mobile phone payment users, 56% of the users often use public transport cards and more than 80% of them say that they are interested in integrating the transportation card functions into mobile phone payment.