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Bank Transactions A Call Away in 12 Cities
China Merchants Bank and China Mobile Communication Corp launched a joint mobile banking service in 12 major Chinese cities on May 15.
The service allows the holders of the bank's interlink card to deliver direct financial and personal banking instructions to the bank through their mobile phones, according to sources with China Merchants Bank.
The 12 cities include Beijing, Shanghai, Chongqing, Hangzhou and Wuhan. The nationwide service comes after a successful trial in Shenzhen, which began in mid-March.
The new system allows accounts to be set-up and transactions made by mobile phone. It also covers trading of foreign exchanges.
It can keep the customers well informed of the current financial status and changes of account through messages sent to their mobile phones, bank sources said.
China Merchants Bank launched a series of telephone banking services and an Internet payment system for mobile users in March in Beijing.
To connect to the mobile banking service, customers can apply to the local branches of China Mobile.
The nationwide launch of the new product comes just ahead of International Telecommunications Day tomorrow.
Other domestic commercial banks are also following the trend. The Industrial and Commercial Bank of China plans to open its mobile banking service this week.
Analysts said the portfolio combines mobile telecommunication and banking services, provides convenient financial management for travellers and creates a new fashion for well-off mobile phone users in China.
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