The guidelines are expected to be released as early as this year, as they have already been created.
A recent report from Marbridge Daily has revealed that China will soon be announcing a national mobile payments standard specification which has been long awaited in that country, just as other nations are awaiting their own.
This is meant to help to provide the industry with the guidance it needs to move forward with greater confidence.
The report stated that the mobile payments standard has already been drafted and that it is now in a considerable review process. Should these efforts be complete in time, it may be released as early as this year. The news of the first word of this standard has been long awaited as its lacking is one of the many issues holding back the industry.
The first word of the upcoming mobile payments standard announcement occurred just a few days ago.
This occurred in Beijing at the fifth annual mobile payments industry summit for China, where the main players in the country had hoped to hear this news. It was the executive vice president of the Chinese banking network called China UnionPay, Chai Hongfeng, that made this initial announcement.
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The mobile payments standard will be implemented by the China Electronics Standardization Institute of the Ministry of Industry and Information Technology. It is likely that it will provide the guidance for the use of NFC technology frequencies as well as being compatible with a number of other forms of transactions solutions such as those based on SD and SIM cards.
Once China has a standard for its mobile payments, it is expected to have a considerable impact on the development of several industries. This will include everything from smartphone transactions themselves, including banking and wallets, but also the development of NFC technology. It is believed that there is massive unused potential in that marketplace, but that it could explode once a standard is put into place.
At the same time, it is unlikely that China will opt to proceed with mobile payments technologies that are not compatible with the types of solutions that are already being used in other parts of the world.