TelChina and China Mobile to build mobile payment solution with .tel

This was the press release from Telnic about one year ago:

Telnic Limited (http://telnic.tel), the registry operator for
the .tel top level domain (TLD), today announced that its regional partner TelChina (http://telchina.tel)
and China Mobile (http://www.chinamobileltd.com/), one of the world's largest mobile phone
companies, have entered into a strategic relationship to develop Mobile‐Pay services on the .tel
platform.  
Lucy Wang, CEO of TelChina, said: “As .tel combines advantages of both the Internet and
telecommunications, it will be able to provide an efficient and integrated communications platform for
customers of China Mobile in the future. The engagement levels of .tel owners will also bring new
vitality to Mobile‐Pay, attracting more people to use their mobile phones in making payments, which in
turn will increase revenues for operators.”
Project development will be divided into several phases. The first phase is expected to be live in
early May, which will enable China Mobile customers to purchase and renew their .tel names via a
Mobile‐Pay portal using their mobile devices. Following the implementation of the mobile payment
solution, users will also be able to use their China Mobile credits to pay in part or full for their .tel names
later this year.
Mr. Xie Gang, China Mobile's Mobile‐Pay spokes person said: “Mobile‐Pay is migrating from its 1.0 era,
which is mainly based on SMS, to its 2.0 era, which is based on WAP and sensor‐based terminals.   This
collaboration with TelChina will not only help customers simplify the payment process, but also provide
an optimized platform for China Mobile services.   On this platform, users will not have to log on to
various websites for payment, but accomplish it through the clicking of a Mobile‐Pay link on a .tel page.”
China Mobile will also create a dedicated channel for .tel users to easily pay for online purchases and
paying for utility bills and cable TV subscriptions. As a key e‐commerce project supported by the
country, China Mobile’s Mobile‐Pay enjoys a unique advantage. Utilizing China Mobile’s PSTN and IP
network, through web, SMS, WAP and IVR interfaces, users can fulfill e‐commerce operation such as
opening an account, checking their balance, submitting payments and withdrawing cash, without
queuing in line at a counter and filling in complex paperwork.

Please find the original PDF-File for this news here.

Think about China Mobile currently has 667 million (!) customers. After realization this is going to be huge!

Chinese mobile payment industry has progressed rapidly since 2011. The penetration rate of Chinese mobile payment market was merely 18.5% in 2010, and it will hit 25.8% in 2011. The market size and transaction value turned out to be RMB2.845 billion and RMB10.42 billion respectively in 2010, but the former will rise 97.7% to RMB5.625 billion and the latter is predicted to expand 308.6% to RMB42.16 billion in 2011.

Chinese mobile payment industry involves mobile operators, financial institutions, the third-party payment operators, and various device manufacturers, with multiple cooperation forms. The gaming between the dominant China Mobile and China UnionPay will bring along the long-term coexistence of parallel model and integration model.

In May 2011, China UnionPay and the top 3 operators unanimously agreed on the technical standards of mobile payment: near-field payment employs NFC standard (13.56MHz), while 2.4GHz plan is merely for closed application environment and not allowed in financial circulation sector.

More information here at Payment Technology China 2012.

They don't need to build a complex solution, it's as simple as using registrar wallets that all registrars likely have which holds your money in advance in data form, and just putting that into the proxy as encrypted numbers in 'note' form, then allow the proxy to transfer those number note 'holdings' to someone else and combine them into their existing 'notes', a semi offline server can be used as backup to keep track of transactions that only connects to update for a fraction of a second then is disconnected from the Telnic Registrar VPN.

Eg: I have £10 in my registrar wallet, so my registrar adds an encrypted note under bank.bunjie.tel a sub domain I can't access and won't show in search like ad_ for adverts wont.

So I go to someones .tel and they have a web link or a click button that says pay £5 so I press it, login with openid/oath and it transfers £5 from my registrar wallet to telnic who pass it into the registrar wallet of the person I paid, and amend my bank.bunjie.tel note to say £5.

Obviously it will also transfer some long uuid type 'salt' code like bitcoin allegedly has as currency but just keeping it simple, if domains can be transfered from person to person on the same registrar or any other registrar then so can a virtual encrypted 'wallet'. It should be easy for a registrar to build in a bank account view system as really all the CP does is display data and thats all you need to do with banking data, display your current account amount thats in your registrar wallet, the amount that's 'available' for transfer and previous payments stored in your .tel as uuid notes aka a list of recent transactions, 100 records per sub domain so date.record.bank.bunjie.tel to store transaction data.

And behind the scenes registrars use what ever they want to push money to telnic and back and forth but take a little cut on each transaction dependent on what registrar you use.

Like with games and virtual worlds like second life registers can claim it's virtual currency to avoid many legal issues, but provide the ability to cash out those encrypted uuid type bitcoin notes. Second Life has been doing it for a long time and it works well and it's clear we need an micro economy built around the .tel system so we can trade services and products to each other.

That would make .tel more valuable to registrars and domain traders who can use .tel as a cheaper type trading post, add direct to buy web links for domains > transfer from existing wallet > get code displayed in modified coupon section > profit > cash out later > or keep money in 'virtual note form' to make other domain purchases and trades.

Update:

Lu Shuchun, deputy chief of Science and Technology Division of the People’s Bank of China (PBOC), has announced that mobile payment standards would be announced soon. PBOC will then sanction pilot programs applying these standards.

The background is that, starting in 2009, China UnionPay and China Mobile promoted different standards for mobile payment technologies. In April 2012, PBOC, in collaboration with more than 40 interested parties including commercial banks, China UnionPay and mobile communication operators, formed a team for drafting common standards. In June, China UnionPay and China Mobile signed a payment business cooperation agreement, whereby they will jointly work out NFC standards that will apply in China and also be compatible with international standards. We will report further when the PBOC standards are announced.

Source: JD Supra

Telchina.tel was dropped and newly registered by an individual.
Tel China is operating only through http://telchina.org