SHANGHAI, China, Dec. 23, 2014 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (Nasdaq:NXPI), the world's leading secure connections solutions provider, recently announced the adoption of its mobile payment solution by China Merchants Bank (CMB) for its latest financial product 'All in One Mobile'. The move enables NXP to become a core partner of CMB for its industrial innovation. NXP also received recognition from key Chinese banks as well as China UnionPay.
With the rapid growth of smartphones and mobile internet, the market for emerging value-added applications such as mobile payments has seen explosive growth. Analysys International, China's leading technology research and consulting organization, forecasts that by 2015, the mobile payment market in China will reach RMB 712.3 billion (about USD 116.8 billion). As Government requirements for licensing and technical standards become clearer and an increasing number of new technologies and companies emerge, China's mobile payment market is developing rapidly. The industry is seeing an array of new applications, due to the close correlation between personal devices and information, and the intimate connection between mobile payment and daily lives.
NXP is a leading provider of Near Field Communication (NFC) technology globally, providing protection to financial transactions with a total value exceeding hundreds of millions of dollars. NXP secure connection solutions have been adopted by major local and foreign mobile brands. The launch of CMB's 'All in One Mobile' is another reflection of NXP's proactive industry innovation in order to construct an eco-system for mobile transactions. 'All in One Mobile' enables secure payment of large and small amount mobile phone payments through secure connections, and allows the deposit and withdrawal of cash at ATMs through mobile phones. At present about 4 million POS terminals and 10,000 CMB ATMs support 'All in One Mobile', allowing users to carry out a range of banking activities through their mobile phones. In the future, 500,000 ATMs with "UnionPay" logo will support this function.
NXP's NFC technology is based on a physical carrier with a secure encryption module in its hardware, allowing 'All in One Mobile' to deliver world-class security and enable CMB customers to enjoy convenient financial services with peace-of-mind about the security of their funds and personal information. Smartphone models that support 'All in One Mobile' functions include Samsung's Note 4 (N9100 and N9106W), Huawei Honor 6 Plus, OPPON3 (N5207 and N5209) and OPPO N1 Mini (N5117). An increasing number of smartphone manufacturers are expected to offer models that support the 'All in One Mobile' function in the future.
At a recent CMB forum 'Creating Mobile Finance Eco-system Through Inter-industry Partnership', Li Zheng, NXP senior vice president, global sales and marketing, Greater China and China country manager, said: "NXP is focusing on providing more convenient and secure user experiences for consumers and companies. The strategic partnership between NXP, CMB and China UnionPay demonstrates our proactive efforts in developing valuable solutions and driving innovation in China's mobile finance industry, as well as constructing an eco-system for mobile transactions. Our common aim is to provide secure connections for a smarter world."
Hu Tao, General Manager of CMB's Retail Banking Department, during the forum said: "Given NXP's leading position in mobile payments, we are very pleased to be in partnership with the company to jointly establish an eco-system for mobile finance. Now we can offer more secure and convenient mobile payment options for consumers and smartphone users in China."
NXP plays an industry-leading role in developing and promoting NFC technology and applications. The company works closely with industry partners and provides hardware, software, applications and technical support for certification and testing. It also provides best solutions for NFC mobile payments for industries.
About NXP Semiconductors
NXP Semiconductors N.V. (Nasdaq:NXPI) creates solutions that enable secure connections for a smarter world. Building on its expertise in High Performance Mixed Signal electronics, NXP is driving innovation in the automotive, identification and mobile industries, and in application areas including wireless infrastructure, lighting, healthcare, industrial, consumer tech and computing. NXP has operations in more than 25 countries, and posted revenue of $4.82 billion in 2013. Find out more at www.nxp.com.
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