With soaring mobile purchases in China as a backdrop, American Express and China Mobile (China’s largest telecom) to jointly support an NFC mobile payment system Hebao, which had previously been known simply as Phone Wallet. According to a report in Want China Times, the service is positioned for consumers and business users who want to shop outside China.
“Users can add value to the GlobalTravel Electronic Travelers Cheque through their Hebao accounts and make payments abroad,” the story said. “‘Our goal is to report sales of over 1 trillion yuan (US$164 billion) in three to five years,’ said Guo Xiaoming, president of China Mobile’s e-commerce unit. The company’s next goal is to team up with domestic banks to ensure money flow between the Hebao account and the electronic checks of American Express.”
The story cited Pew Internet research that projected that, in China, 2020 will see mobile payments overtake all other forms of payment and become the primary payment method.
