Shanghai Pudong Development Bank (SPD Bank) (600000.SH) may jointly launch a mobile phone payment platform with China Mobile (0941.HK) in the third quarter of 2011, reports Southern Metropolis Daily, citing an insider from SPD Bank.

The insider said the payment platform will adopt China UnionPay’s 13.56M Hz standard instead of China Mobile’s 2.4G standard. Customers may have their mobile phones installed with the platform by China Mobile free of charge.

The president of SPD Bank, Fu Jianhua, said the platform will offer remittance services through mobile phones and connect the customer's ID information, mobile number, and bank account numbers.

An informed source close to the management team of the bank said there will not be trials of the mobile payment service. The service will instead be implemented directly in all areas under China Mobile’s network coverage.

The People's Bank of China had recently granted third party E-payment business licenses.

China Telecom (0728.HK) and China Unicom (600050.SH, 0762.HK) are currently applying for the licenses.

An insider from SPD Bank said the bank may obtain a license through an acquisition in the future.

Source:capitalvue