Mobile financing options are becoming an increasingly popular option in the business world, and it is not just relegated to one country. A recent report by the China Banking Association found that the mobile transaction value is as high as RMB 12.74 trillion Yuan, which is an increase of 248 percent year-on-year.
However, it is also important for organizations to guarantee mobile security. Just last week Tencent and Shanghai Pudong Development Bank announced they were launching a “joint mobile payment security guard program.” The idea behind the move is to strengthen the industrial collaboration of mobile payment security, according to a recent China Economic Net article.
The program integrates the accumulation of Tencent in the mobile payments and security field with the resources of the Shanghai Pudong Development Bank’s mobile finance service field. Additionally, the joint program has established the first domestic public platform that is positioned in the environmental security construction of the mobile payments industrial chain.
Shanghai Pudong Development Bank Electronic Banking Department’s general manager, Ding Wei, spoke to the news source about the move, and what it means for the sector.
“The ‘Joint mobile payment security protection program’ is [meant] to build whole-system payment security guard chain through the cooperation of mobile payment industrial chain, [and] provide systematic security solutions and fully protect consumers’ interests,” Wei said.
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