China Unionpay, the country’s credit card issuer, has launched a smartphone app for mobile payments and banking, according to China Daily.

The new app, which is called Wallet, enables payments at the point-of-sale as well as mobile financial services. The app links users smartphones with their bank accounts.

China Unionpay has partnered with China Mobile on developing an NFC-based system for handling transactions via smartphones (it is also open to partnering with the country’s other operators).

Payments are possible at those locations which have installed China Unionpay’s QuickPass contactless technology at the point-of-sale. The service also uses the card issuer’s trusted service manager (TSM) platform, which is integrated with that of China Mobile, which recently launched a wallet app of its own.

Eight banks have so far joined the initiative, including some of the country’s biggest, such as Bank of China, Shanghai Pudong Development Bank and China CITIC Bank.