Mobile Payment in Greater China 2014 1 / 15

White Paper

Mobile Payment in
Greater China 2014
 Mobile Payment in Greater China 2014 2 / 15

Our market information (qualitative and quantitative) is based on a

combination of primary and secondary research, along with our
long-standing experience of the industry. Intelling takes no responsibility
for any incorrect information supplied to us by manufacturers or users.

The information contained herein is general in nature and is not intended,

and should not be construed, as professional advice or opinion provided to
the user. This document does not purport to be a complete statement of
the approaches or steps, which may vary according to individual factors
and circumstances, necessary for a business to accomplish any particular
business goal. This document is provided for informational purposes only; it
is meant solely to provide helpful information to the user. This document is
not a recommendation of any particular approach and should not be relied
upon to address or solve any particular matter. The information provided
herein is on an as-is basis.

Amounts are converted according to recent conversion rates known at time

of publishing. The converted amounts are only a gross evaluation and are
not intended to reflect accurately the variations of currency rates.

Publication date: February 2014

Release 2.0

Author: Thierry Spanjaard - tspanjaard@smartinsights.net

Published by Intelling, 9 - 13 rue Bel Air, 13006 Marseille, France

www.smartinsights.net-report@smartinsights.net
 Mobile Payment in Greater China 2014 3 / 15

Table of Contents

Table of Contents ......................................................................................................................... 3

Overview ..................................................................................................................................... 4
1. NFC implementation options ................................................................................................. 5
1.1 Mainstream options ...............................................................................5
1.2 Alternative options ...............................................................................5
2. NFC initiatives in Mainland China ........................................................................................... 6
2.1 China Mobile .......................................................................................6
2.2 China Unicom ......................................................................................7
2.3 China Telecom .....................................................................................7
2.4 China UnionPay ....................................................................................7
2.5 Peoples Bank of China ...........................................................................8
3. Hong Kong............................................................................................................................. 8
3.1 Jetco ATM network ................................................................................9
3.2 Hang Seng Bank with MasterCard, PCCW-HKT, CSL and SmarTone .........................9
3.3 Octopus and PCCW-HKT ........................................................................ 10
3.4 Bank of China (Hong Kong) .................................................................... 11
3.5 Citi and 3 ......................................................................................... 11
3.6 Bank of East Asia ................................................................................ 12
4. Taiwan ROC ......................................................................................................................... 12
4.1 EasyCard and the Mobile Network Operators ............................................... 12
4.2 Far EastOne ...................................................................................... 13
4.3 Bank SinoPac ..................................................................................... 13
4.4 Taiwan Mobile with Taipei Fubon Bank....................................................... 13
4.5 Chunghwa Telecom ............................................................................. 14
Glossary ..................................................................................................................................... 15
 Mobile Payment in Greater China 2014 4 / 15

Overview

One could believe China to be the best place for mobile payment development. The country
has the largest mobile phone subscriber base in the world, with over one billion users, it also
has a highly bancarized population with over 3 billion banking cards in circulation, and its has
been established that more than 440 of the approximately 600 cities in China, or 73%, have
set up systems to allow people to swipe smart cards on public transportation. In addition,
China is home to many major companies including handset manufacturers, telecom network
equipment developers, POS terminal manufacturers, etc. However, no global mobile
payment system has developed on a wide scale in China over the last few years.

Now, many leading players in the mobile payment ecosystem in China are launching
initiatives to deploy a global nationwide system for mobile payment. China Mobile, the
largest mobile network operator worldwide by the number of subscribers is partnering with
China UnionPay, Chinas National bankcard association and eight leading financial institutions
to launch a nationwide mobile payment project. Both other mobile network operators, China
Unicom and China Telecom, are also launching major projects.

The ability to rollout the project in every location in China, the acceptance network,
merchants education as well as consumer education will play a key role in the success of
these initiatives. Interoperability will be of paramount importance.

The MIIT China Electronics Standardization Institute (CESI) had set targets for e-commerce
sales of CNY 18 trillion (EUR 2.2 trillion), including online retail sales of CNY 3 trillion (EUR
368 billion), by the end of the 12th Five-Year Plan period (2011-2015), but it now appears that
the actual figures will exceed the targets.

At the same time, the highly competitive Hong Kong market is home to a series of initiatives
coming from partners with various backgrounds: the national ATM network and the mass
transit payment system are launching NFC projects at the same time as financial institutions
and mobile network operators.

The Taiwanese market, more federated under the umbrella of EasyCash, the existing
nationwide prepaid card, is on the path towards mobile payments, with the collaboration of
all telcos and most major banks.
 Mobile Payment in Greater China 2014 5 / 15

1. NFC implementation options

1.1 Mainstream options

The Chinese mobile payment ecosystem has developed a variety of solutions for
NFC implementation.

Many handset vendors propose NFC-enabled handsets. These handsets come with a choice of
options for the secure element support:
UICC (SIM)-based secure element, to be connected through the international standard
SWP (Single Wire Protocol),
MicroSD based secure element, to be connected though an adaptation of the SWP,
supported by China UnionPay,
Embedded secure element.
A secure element (SE) is a tamper-resistant platform (typically a one-chip secure
microcontroller) capable of securely hosting applications and their confidential and
cryptographic data (e.g. key management) in accordance with the rules and security
requirements set forth by a set of well-identified trusted authorities.

1.2 Alternative options

In addition, several vendors including Watchdata have proposed solutions allowing to add
NFC functions to existing handsets, such as SIMpass or SIMpass-SC.

SIMpass-SC instantly transforms any handset into an NFC device. It uses an

integrated antenna, avoiding the need for external attachments and allowing it to
fit into the same space as a normal SIM card. SIMpass-SC technology embeds a
secure element, an active front end and an antenna into a single dual-interface SIM
card form factor, allowing to add NFC technology to existing mobile phone
handsets.

Taiwan-based GO-Trust Technology has announced its NFC-enabled microSD secure element.
According to GO-Trust, banks see the MicroSD secure element as a way of controlling better
mobile banking. HTC, a Taiwan-based handset vendor, is the first to deliver the dual standard
NFC phone and several other major China-based manufacturers announce product road maps
that include dual SWP standard phones available within six months. This independent secure
element could possibly be an option for built-in NFC phones.
 Mobile Payment in Greater China 2014 6 / 15

2. NFC initiatives in Mainland China

Many industry players in China have announced initiatives to popularize NFC technology.

The government is playing its role as Chinas Ministry of Industry and Information
Technology's (MIIT) China Electronics Standardization Institute (CESI) is responsible for
devising a national standard for mobile payments. The standard uses 13.56 MHz NFC payment
technology and is compatible with a number of solutions for smart card products, including
SIM card-based, SD card-based, whole phone, and dual interface SIMpass solutions.

2.1 China Mobile

China Mobile, the world's largest mobile network operator, and
Chinese bank card association China UnionPay have announced
that their NFC payments service is live since summer 2013, in
more than fourteen Chinese cities, including Shanghai, Beijing
Guangzhou, Shenzhen, Chengdu and Ningbo, and eight banks have signed up to make use of
the partners' platform.

In Beijing, China Mobile customers can visit any of six designated China Mobile shops to
switch their SIM cards out for new ones that will allow them to connect their phones to their
bank accounts. Soon, Beijings public transportation system will let them swipe those phones
to pay for bus fares around the city. More globally, China Mobile subscribers need to acquire
an NFC SIM card, available at the carrier's stores, and download the network's mobile wallet
app, which is available for Android devices. After linking a bank account to the wallet, the
customer is free to make mobile payments at participating merchants equipped with
UnionPay QuickPass contactless POS terminals.

Bank of China, Shanghai Pudong Development Bank, China CITIC Bank, China Everbright Bank,
China Minsheng Banking Corp, GF Securities, Bank of Shanghai and Bank of Beijing are the
eight banks partnering in the project. More are expected to sign up to the service, which uses
China UnionPay's trusted service management (TSM) platform which is fully integrated with
that of China Mobile. Initially, the app works on five NFC-enabled Android phone models that
support the single-wire protocol SIM standard : the Samsung Galaxy S4 and Galaxy S III, the
HTC One, Huawei T8950N and ZTE U807N, and more handset are added on a permanent basis.

This launch is a consequence of a partnership signed in June 2012 between China Mobile and
China UnionPay designed to lead the commercial deployment of NFC payments in one
hundred cities across China.
 Mobile Payment in Greater China 2014 7 / 15

2.2 China Unicom

China Unicom launched its Mobile Wallet program in 2013.
Unicom is the nations second-largest wireless operator, with
more than 220 million subscribers in which over 60 million are on
3G. The Unicom Merchants Bank mobile wallet is the first NFC
payment service being launched in China, in a joint collaboration
between China Unicom and China Merchants Bank (CMB) for the mobile wallet itself.

China Unicoms mobile wallet enables consumers to make purchases at food and beverage
outlets, including retailers and merchants who accept China Union Pays QuickPass
contactless cards. There are currently over 162,000 QuickPass POS terminals in Shanghai that
are compatible with the mobile wallet. The mobile wallet enables that China Unicom
subscribers with a CMB credit card can securely store their card details in the SIM card of
their NFC enabled mobile phone. China Unicom project uses Gemalto UpTeq NFC SIMs.

2.3 China Telecom

China Telecom, Chinas third largest mobile operator, just launched its "E-Surfing Mobile
Wallet" service in partnership with more than 10 Chinese
banks. The partners for its "E-Surfing Mobile Wallet"
include Bank of China, Agriculture Bank of China, China
Construction Bank, Bank of Communications, China CITIC
Bank, China Merchants Bank, PingAn Bank, Guangdong Development Bank, China Minsheng
Banking Corporation, China Everbright Bank, Shanghai Pudong Development Bank, Postal
Saving Bank of China, Bank of Beijing and Bank of Shanghai. The service enables customers to
pay transportation, dining, shopping, speed check-in at airports and authenticate their
identities with a NFC-compatible smartphone.

China Telecom will exchange the SIM cards of all users with NFC-compatible handsets for
NFC-enabled user identity module (UIM) cards free of charge. China Telecom has set an
ambitious goal for the project with plans to release 30 million UIM cards and introduce more
than 40 models of handsets that support the mobile wallet service next year. From January
2014, China Telecom gradually switches its 3G terminal offerings to NFC-enabled devices. All
of China Telecom's 4G mobile terminals will be equipped with NFC functionality.

2.4 China UnionPay

Established in March 2002, UnionPay is China National bankcard association established
under the approval of the State Council and the Peoples Bank of China. At present, the
Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
China UnionPay operates an inter-bank transaction settlement system through which the
 Mobile Payment in Greater China 2014 8 / 15

connection and switch between banking systems and the inter-bank, cross-region and
cross-border usages of bankcards issued by associate banks could be realized.

China UnionPay is involved in a variety of mobile payment projects, with various partners.
The organizations objective is to become the pivotal
point of the industry, the same way they are in a dominant
position on card payments. To achieve this, China
UnionPay is building a secure interoperable mobile NFC
ecosystem. Gemalto recently announced it was collaborating with China UnionPay to build a
secure mobile NFC ecosystem. Gemalto China UnionPay collaboration covers key
deployment issues, including TSM interoperability, security and operational guidelines as
well as technology standards and specifications.

UnionPay is Chinas leading payment scheme and has the worlds largest network of payment
cards, with more than 3.5 billion cards issued to date, as well as being a key advocate in
Chinas mobile payment eco-system. According to ABI Research, Chinas mobile commerce
market is expected to become the worlds largest by 2014, with an estimated US$ 8 billion
(EUR 6 billion) worth of transactions conducted via NFC.

2.5 Peoples Bank of China

Peoples Bank of China (PBOC) is Chinas Central Bank. As such, it has power to control
monetary policy and regulate financial institutions
in mainland China. PBOC is also in charge of
standardization of payment means in China, and
for international exchanges.

As such, PBOC announced it is planning to issue technical standards for mobile payments.

3. Hong Kong
In 2013, most of the payment and telecom industry payers in the highly competitive Hong
Kong market have announced mobile payment initiatives.

The Hong Kong Monetary Authority (HKMA) published recommendations for the development
of NFC mobile payment infrastructure in Hong Kong. The objective is to establish a safe and
effective NFC mobile payment infrastructure that will achieve interoperability among all NFC
mobile payment services along four development objectives:
Ability to download multiple payment services from different banks and payment service
providers onto a single NFC-enabled phone,
Payment service continuity despite switching from one mobile network operator to
another operator,
 Mobile Payment in Greater China 2014 9 / 15

Payment service continuity despite changing ones NFC-enabled phone,

High level of security in line with international standards and relevant regulatory
requirements.

The Hong Kong Association of Banks (HKAB) has issued a set of common standards and
recommended best practice guidelines for banks setting up mobile NFC payment services.
Under the proposed HKAB guidelines, consumers should be able to:
Download multiple payment services from different banks and payment service providers
onto a single NFC-enabled phone,
Enjoy uninterrupted payment service when switching from one mobile network operator
to another operator or changing one's NFC-enabled phone,
Conduct payment transactions with a high level of security in line with international
standards and relevant regulatory requirements.

3.1 Jetco ATM network

Jetco, a major automated teller machine network in Hong
Kong and Macau, is teaming up with its 30 member banks to
build a mobile payment platform using NFC technology. Jetco
expects five banks to launch the service by Q1/2014, and
hopes to handle a million accounts in five years.

Jetco (Joint Electronic Teller Services Limited) is owned by a consortium of 30 banks

including BOC HK, Bank of East Asia, Standard Chartered, Wing Hang and Dah Sing, and will
invest HKD 40 million (EUR 3.8 million) in the mobile payment platform. BOCHK plans to be
the first bank to try out Jetco's platform this year, in addition to its own SIM- and
memory-card NFC solutions.

Jetco has about 2,200 ATMs in Hong Kong, along with 400 ATMs in Macau and another 400 in
mainland China. Jetco is also a partner of China UnionPay, the leading bankcard association
in Mainland China.

3.2 Hang Seng Bank with MasterCard, PCCW-HKT,

CSL and SmarTone
Hang Seng Bank has launched a new mobile payment
service, offering customers the convenience of using
NFC-enabled mobile phones to make payments at about
1,000 outlets in Hong Kong. The project is conducted in a partnership with MasterCard, which
is equipping major retail chains withe PayPass enabled terminals. Partnering retailers include
Pacific Coffee, Uniqlo, 7-Eleven, Ikea, Pizza Hut, Wellcome, and more. The number of
equipped outlets is expected to exceed 2,500 by the end of August. To activate the Service,
 Mobile Payment in Greater China 2014 10 / 15

Hang Seng MasterCard cardholders can visit any PCCW-HKT shop to exchange their existing
SIM card for an NFC SIM card at no charge. After downloading the Hang Seng mobile payment
app in the Google Play Store to their NFC-enabled mobile phone, they can then download
their Hang Seng Mobile Card and use their phone to settle payments of HKD 500 (EUR 49.45)
or less.

A couple months later, Hang Seng announced its was

partnering with CSL, a major mobile network operator,
to extend the Hang Seng Mobile Payment Service to 1O1O and one2free customers allowing
them to use designated NFC-enabled handsets to make payments at retail outlets in Hong
Kong. From early 2014, Hang Seng Mobile Payment Service will be offered to 1O1O and
one2free customers who hold a Hang Seng MasterCard. Participating customers will be able
to use designated mobile phones to make payments through MasterCard PayPass terminals at
over 3,000 merchant outlets. They can also download e-Coupons via the "Hang Seng Mobile
Payment App" to enjoy preferential offers when making mobile payments.

Then, Hang Seng Bank announced that SmarTone has become its
latest partner in rolling out the Hang Seng Mobile Payment Service
to smartphone users. Hang Seng Mobile Payment Service will be
available to SmarTone customers from Q1/2014. Participating customers can use designated
near - field communication (NFC) - enabled mobile phones to make payments through
MasterCard PayPass terminals at over 3,000 merchant outlets in Hong Kong.

3.3 Octopus and PCCW-HKT

Octopus Cards Limited (OCL), the operator of Hong Kong
mass-transit payment system is partnering with PCCW-HKT,
one of Hong Kong's major mobile network operators, to
bring mobile NFC ticketing to Octopus subscribers, as well
as a number of additional value added NFC services. PCCW-HKT subscribers will be able to
load the Octopus payment functions onto their mobile NFC device for payment in Hong Kong's
public transportation and retail services. Users will also benefit from other applications such
as Octopus access control and loyalty applications.

Gemalto is providing its UpTeq multi-tenant NFC SIMs to

achieve the project, making it the first commercial SIM-based
implementation and deployment of the FeliCa application on
NFC SIMs. FeliCa is a multi-purpose technology originally developed for payment and
transportation applications in Japan, in an effort led by Sony and NTT DoCoMo. It is today
broadly used in Japan, and in other countries particularly Hong Kong.

The mobile NFC ticketing service allows commuters to pay for journeys on all of Hong Kong's
public transport systems, including the metro, rail, bus, ferry, coach and tram, as well as
 Mobile Payment in Greater China 2014 11 / 15

paying for fares on minibuses and taxis that accept Octopus. Using their selected and tested
Sony NFC-enabled smartphones as an e-purse, commuters will be able to top up their
Octopus Mobile SIM via any of the Octopus readers in Hong Kong. In addition, users can
conveniently pay over-the-counter at retail shops, food and beverages outlets, as well as
purchase entrance tickets at selected entertainment venues. Drivers will also able to pay for
their parking using their mobile NFC phones.

Users will be able to benefit from these services simply by installing the FeliCa-based Applet
for Octopus payment services on the NFC SIM card supplied by PCCW-HKT, and inserting this
NFC SIM into their NFC-capable smartphone.

3.4 Bank of China (Hong Kong)

Bank of China (Hong Kong) has launched its BOC
e-Wallet - Mobile Payment Service. For its initial
launch, over 100,000 selected BOC HK customers will
be invited to experience this new contactless
payment service starting from Q4/2013. This service is applicable to all mobile network
service providers, offering customers a new and diversified way of conducting cross-border
payment through their mobile phones.

To get payment convenience of the BOC e-Wallet Mobile Payment Service, customers can
simply use designated NFC-enabled Android mobile phones with a micro SD card slot and
activate the BOC e-Wallet mobile application. The service is supported by all mobile network
operators. Customers can have a fast and convenient mobile payment service without having
to replace the SIM card and collect the card from the bank.

BOC CUP dual currency credit cardholders can enjoy cross-border service at over 1.3 million
China UnionPay QuickPass terminals in China. In addition, the BOC e-Wallet Mobile Payment
Service will be widely accepted by the merchant outlets of MasterCard PayPass, and Visa
payWave. BOC credit cardholders can conveniently use the mobile payment service at over
1.2 million local and overseas MasterCard PayPass merchant outlets.

3.5 Citi and 3

Citi and 3 Hong Kong are introducing 3 Citi Wallet, a solution that enables
contactless payments for amounts up to HKD 1,000 (EUR 96) per
transaction.

3 Hong Kong said it's the only wallet in Hong Kong that supports Android
and iOS operating systems; using the wallet with an iPhone requires an
NFC sticker provided by Citibank. 3 expects that more than 20% of its
 Mobile Payment in Greater China 2014 12 / 15

clients will use the service within three years. 3HK had 3.7 million subscribers from Hong
Kong and Macau as of June.

The wallet includes mobile payment capability, transaction history, a location-based special
offer service and a search function that directs customers to the best deals within their
vicinity and works with over 9,000 Visa payWave readers at some 3,400 local retailers. The
new wallet is tailored to Citibank Visa credit card users who are also 3 subscribers.

3.6 Bank of East Asia

Bank of East Asia will launch a mobile payment service for its
credit card customers in Hong Kong in Q1/2014. BEA says its service
will operate on any Android or iOS smartphone and on any
communications network in Hong Kong. After connecting the i-Pay
NFC device to their phone and opening the BEA application, customers will be able to make
low-value payments by tapping their phones at a reader on terminals that accept MasterCard
PayPass payments. The i-Pay service is PIN-protected and lets customers keep track of their
spending using their mobile, with details of the latest 10 transactions available via the BEA
App.

4. Taiwan ROC

4.1 EasyCard and the Mobile Network Operators

Five mobile network operators in Taiwan, Chunghwa Telecom, Taiwan Mobile, Far EasTone,
Vibo Telecom and Asia Pacific Telecom, have set up a joint
venture with EasyCard, the leading transport payment
operator in the country. The group partners with a series of
financial institutions including Cathay United Bank, Chinatrust
Bank, Bank SinoPac, and E.Sun Bank, in order to establish a Trusted Service Management (TSM)
company, which will forge an NFC platform offering mPayment service.

Taiwan's five telecom operators (Chunghwa Telecom, Taiwan Mobile, Far EasTone, Asia
Pacific Telecom and Vibo Telecom) are building a standardized mobile payment environment,
in coordination with the Bankers Association of the Republic of China.

Initially launched as a payment means for mass transit, EasyCard has turned into a
nationwide payment system, with over 26 million EasyCard holders in Taiwan. In 2013,
prepaid Easy Cards were used to make an average of TWD 43 million (EUR 1.1 million) in
payments every day, up 30% from a year before. More than 600,000 Easy Card payments are
made daily. Apart from public transportation payments, the cards can be used at over 14,000
 Mobile Payment in Greater China 2014 13 / 15

stores nationwide, including convenience stores, coffee shops, drug stores, bakeries,
cinemas and supermarkets.

4.2 Far EastOne

Far EasTone Telecommunications, a major mobile network

operator in Taiwan, ambitions to build a nationwide NFC
ecosystem by 2014. Far EasTone has entered a partnership
with Morpho (Safran) for Trusted Service Management (TSM) technologies and solutions.

The Far EasTone NFC All Around Trial Program integrates NFC technology into different
aspects of mobile life. Users will be able to tap their NFC phones to pay for purchases, take
public transportation and use loyalty programs. These transactions will be available at
25,000 PayPass point-of-sale terminals and 10,000 shops. The transactions will be done
through Morphos Trusted Service Management (TSM) system. TSM is a key component in this
new service model as it ensures the secure delivery of service credentials to the USIM,
manages the various applications and enhances customer services.

4.3 Bank SinoPac

Bank SinoPac, a major financial institution in Taiwan, is
launching a NFC project that will see its customers be offered
a prepaid gift card and credit card embedded in a Micro SD
card for mobile phones. They can use the gift card and credit card for payment transactions
by simply placing the handset near a contactless terminal that is compliant with the EMVCo
standard. For the launch period, the maximum value of the stored value in the phone is up to
TWD 10,000 (EUR 252). If the phone is lost, the consumer can get a refund for the balance of
the store valued as soon as the consumer makes a report to the bank.

Morpho is responsible for the NFC-enabled Micro SD card, the user interface and the
integration with Bank SinoPacs overall services concept. This launch enriches the Taiwanese
NFC ecosystem by enabling Bank SinoPac to provide end-to-end consumer services solely with
Morphos NFC solution. The solution currently runs on Samsung Galaxy S3 and Samsung Galaxy
S4. The card can be accessed via a user interface developed by Morpho with several unique
functions, such as checking the remaining value, top-up of the card via automated teller
machine and transaction history view.

4.4 Taiwan Mobile with Taipei Fubon Bank

Taiwan Mobile and Taipei Fubon Bank are collaborating to
provide a full spectrum of services utilizing the NFC
 Mobile Payment in Greater China 2014 14 / 15

technology. The service will include the functions of a credit card, access key card,
membership card and public transit fare card on smartphone handsets equipped with NFC
capabilities.

The companies stated that the public will be able to use their
PayPass-equipped handsets in over 25,000 locations
throughout Taiwan, including drugstores, department stores,
taxis, movie theaters, groceries markets and food courts.

Security of digital transactions will be ensured by technology provided by the Gemalto, and
Taiwan Mobile's single wire protocol (SWP) SIM cards, while payment systems are enabled by
MasterCard.

4.5 Chunghwa Telecom

Chunghwa Telecom, a major mobile network operator in Taiwan, is partnering with
MasterCard and Cathay United Bank to offer a mobile
payment system. The service allows Chunghwa Telecom
mobile subscribers to download virtual credit cards, issued
by four banks, to a special SIM card on smartphones
equipped with NFC technology. The application will be implemented in NFC SIMs supporting
the Single Wire Protocol (SWP), issued by Chunghwa Telecom based on Gemalto UpTeq NFC
SIM.

CHT subscribers will be able to use their mobile phone for contactless payments at over
20,000 MasterCard PayPass point of sale readers across Taiwan including supermarkets,
department stores and a fleet of taxis. The pilot also supports additional NFC services such as
multiple credit and prepaid cards, loyalty cards, coupons, and ticketing.

CHT is Taiwans largest mobile network operator with 10 million subscribers. The initiative,
using the SIM as the secure element to safeguard mobile NFC transactions, was approved by
the Financial Supervisory Commission of Taiwan (FISC), and is supported by Taiwanese banks
Cathay United, Chinatrust Commercial, E.Sun, Taishin, as well as handset makers HTC,
Samsung and Sony.
 Mobile Payment in Greater China 2014 15 / 15

Glossary
ATM Automated Teller Machine
BEA Bank of East Asia
BOC Bank of China
BOCHK Bank of China (Hong Kong)
CESI China Electronics Standardization Institute
CFCA China Financial Certification Authority
CHT Chunghwa Telecom
CIITA China Information Industry Trade Association
CNY Chinese Yuan
CUP China UnionPay
HKD Hong Kong Dollar
HKAB Hong Kong Association of Banks
HKMA Hong Kong Monetary Authority
HKT Hong Kong Telecom
JETCO Joint Electronic Teller Services
MIIT Ministry of Industry and Information Technology
MNO Mobile Network Operator
NFC Near-Field Communication
OCL Octopus Cards Limited
PBOC Peoples Bank of China
POS Point of Sales Terminal
RF-SIM Radio Frequency SIM
SE Secure Element
SIM Subscriber Identification Module
SWP Single Wire Protocol
TD-LTE Time Division Long Term Evolution
TSM Trusted Service Manager
TWD Taiwan Dollar
UICC Universal Integrated Circuit Card

Published by:
Intelling, 9-13 rue Bel-Air, 13006 Marseille, France
www.smartinsights.net -report@smartinsights.net

Publication date: February 2014