“Yin Xin Tong” – China’s New SMS-based Mobile Phone Banking

Banks in China, flush with US dollars, are moving quickly forward with mobile phone SMS-based banking services for their clients. Beijing Liandong Youshi (UMPay) which is an affiliate of China Mobile has announced an agreement with 19 domestic banks to jointly promote their new mobile banking.

The service is called “Yin Xin Tong“, and via text messaging or logging in through GPRS and WAP, subscribers can obtain financial info through their mobile phones and wireless POS.

Right now the service is free of any charges because they are still testing but I’m sure that the detailed fees will soon be on the way. Participating banks include some big ones such as Commercial Bank of China, China Construction Bank, China Merchants Bank, Industrial Bank and Huaxia Bank.

At this time users can get the new service to be reminded about card use, notified on account transfers & loan payments, check their accounts, transactions, stocks and foreign exchange information.

Source: Chinatechnews.com