Taiwanese banks ready to delve into mobile payments

taiwan

Shing Kong Bank announced Monday that it is inking a partnership with Chunghwa Telecom and MasterCard to roll out over-the-air (OTA) safe downloads from November.

Shing Kong Bank is part of an influx of Taiwanese banks venturing into the mobile payments market, with more than ten having made moves in that direction since the announcement of Apple Pay.

Hsu Yi-tsui, assistant manager of Shin Kong Bank Credit Card Department, said that triple layers of protection and convenience will be available for virtual card holders through OTA channels. The first stage is an identity check through the trusted-service-manager (TSM) platform; the second is password protection for the digital wallet to assure security during transactions; and the third is the issuing of virtual cards through OTA downloads to reduce wait times for card applicants.

To beging with virtual cards will only be issued to customers of select local banks including CTBC Bank, Cathay United Bank, E.Sun Commercial Bank and Taishin International Bank in addition to Shin Kong Bank. Their partnership with Chunghwa Telecom, Taiwan’s largest mobile provider, will enable users to simply tap their NFC-enabled phones into a compatible reader to make payments.

Other banks approved to run mobile credit card business by Taiwan’s Financial Supervisory Commission include Taipei Fubon Bank and Far Eastern International Bank, which will work with Taiwanmobile and FarEastone respectively. However, neither of the two banks has adopted the OTA platform, so users will need to preload card data in their mobile’s SIM card before initiating the virtual credit card service.

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