The China Unicom story continues to unfold.  According to iPhonAsia (Via Apple2.0), China Unicom is promoting the following services along with the new iPhone:

• Wave-to-pay (Visa offers similar service in the United States, called Paywave, whereby cardholders can make purchases  by waving their Visa card in front of special point-of-sale cardreaders. In Japan, half of cell phone owners — about 50 million users — carry phones that have so-called near field communications capability built-in. )
• Mobile TV (CCTV has been heavily promoting this in China)
• Tethering (connecting a laptop to a cell phone’s wireless network)
• Video conferencing (start up the front facing camera rumors again?)

Check the screenshot below for details.

According to China Unicom's website (translated by Google/iPhoneAsia)..

“Near-Field-Communication (NFC) swipe card handset a.k.a. “wave-to-pay,” offers convenience for those who use public transportation. It’s possible to use a handset swipe card to buy a ticket. This wave-to-pay has replaced the former public transportation IC card. Using the swipe card handset for shopping eliminates the needs to carrying cash. Using wave-to-pay also makes it easy to pay in the ferry terminal. Through the swipe card, the handset (phone) can purchase your passage and avoid the worry of lining up to purchase tickets. Not only does this technology eliminate the need to carry a public transportation IC card, you don’t even need a bankcard. All you need is the wave-to-pay handset (phone), to buy a ticket and do your shopping. One machine in the hand, opens access, and gives you control. Wave-to-pay makes life more convenient.”