As Apple and Samsun launched mobile payment services in China, the mobile credit card business has seen an explosive growth among commercial banks from the year to date. For example, ICBC, the largest issuer of credit cards, has issued more than one million mobile phone credit cards, covering Apple, Samsung and other Android-based cellphones.

The strong growth of mobile credit cards is primarily due to powerful functions, convenience and security of mobile credit cards. According to an official with ICBC, the mobile phone credit cards issued by the Bank took the lead in using the Token technology, enabling quick issuance of card, key download and identity verification of cloud payment credit cards on customer’s mobile terminal through real-time interaction between ICBC's cloud server and customer's mobile APP. This is the first full-function, phone-based mobile payment product developed by a commercial bank in China, supporting both online and offline payment. It creates a new pattern of real-time demand, response and solution supporting "near field" card-swipe payment and "far field" one-click payment, providing customers with a more intelligent, secure, stylish, and convenient mobile experience. Security wise, ICBC’s mobile phone credit cards use the cutting-edge NFC, TSM (trusted service management) and Token technologies. By encrypting at cloud or storing card information at the SE chip of the mobile phone, the mobile phone credit card is turned into a chip card, realizing a high level of security along with ICBC's 24-hour real-time manageable risk monitoring system for credit cards.

In addition, commercial banks also see mobile phone credit cards an important product to tap into the mobile payment market and have invested substantial resources to drive the penetration of related products. For example, from May 1 to November 30 this year, customers who successfully register cards with ICBC may enjoy an exemption of one-year annual fee for platinum cards, and five-year annual fee for gold and common cards. For payment with mobile phone credit cards, customers may enjoy a cash rebate of RMB 30 for any single consumption that reaches RMB 30, with 140,000 rebates available each month offered on a "first come, first served" basis. In addition, card holders are also entitled to benefits such as 16-yuan movie ticket at Stellar cinema, 10-yuan deduction for 50-yuan consumption at Xiabuxiabu, and free upgrade at Pacific Coffee.