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Spending via 3 foreign mobile payment services tops NT$7 billion

2017/12/13 20:24:11

FSC Chairman Wellington Koo (顧立雄)

Taipei, Dec. 13 (CNA) Consumers in Taiwan spent more than NT$7 billion (US$233 million) through three major international mobile payment services in the last seven months of this year, according to statistics released Wednesday by the Financial Supervisory Commission (FSC).

Speaking at a hearing held by the finance committee of the Legislative Yuan, FSC Chairman Wellington Koo (顧立雄) said spending through the three digital wallet services -- Apple Pay, Samsung Pay and Android Pay -- totaled NT$7.15 billion as the end of October.

Apply Pay, developed by U.S. consumer electronics giant Apple Inc., started providing payment services for credit card holders in Taiwan March 29, making it the first of the major foreign mobile payment platforms in the world available in Taiwan.

Samsung Pay, operated by South Korea's Samsung Electronics Co., and Android Pay, provided by U.S.-based Google Inc., launched services in Taiwan in early May and June, respectively.

Koo said local holders of 2.23 million credit cards had signed up to use the three major international mobile payment systems as of the end of October.

Market analysts said the presence of the three digital wallet services ignited interest among local credit card holders in using mobile payments, while banks working with the three systems have launched promotional campaigns to further boost spending.

In addition to credit cards covered by the three mobile payment services, the FSC has expanded the services to debit card holders, and Apple Pay is the pioneer for the service expansion.

The commission said that as Visa and MasterCard have already been working with mobile payment service providers such as Apply Pay, the new service through debit cards has been first applied to the two international credit card issuers.

The FSC said Taiwan's Bank Association has adjusted transaction security standards to allow banks to include debit cards in mobile payment services.

CTBC Bank, the flagship banking entity of CTBC Financial Holding Co., is the first bank in Taiwan to provide its debit card holders with the new services on a trial basis, starting from Dec. 6.

(By Tsai Yi-chu and Frances Huang)