China Moves Toward Mobile Payment Standard

The nation's largest wireless carrier is pressured by regulators to drop its proprietary technology and adopt the global standard.

China is looking to rally its nascent mobile payment industry around a single technology standard with the hope of cashing in on the world's largest mobile population. The move would quell a long-simmering debate about the merits of using local versus global technologies and focus the enormous resources of the country's telecom operators and banks on accelerating the roll-out of handsets and point-of-sale terminals.