China Construction Bank, one of China's four biggest State owned commercial banks, recently launched a new financial service enabling users to easily transfer money with their mobile phones, Xinhuanet reported yesterday.
By binding users' mobile phone numbers with their bank accounts, the service allows mobile phone users to transfer money to one another via mobile phones.
This not only improves the efficiency of money transfers, but also protects users' bank account information.
Furthermore, the fee involved is much cheaper than at bank counters.
The service is now available to all clients of China Construction Bank.
The bank says this is an important step in reducing clients' wait time and lowering operation costs.