Tag: taiwan mobile payments

Pi mobile wallet app launched by Taiwan industry giants

7-Eleven, PChome, and CTBC have all introduced this new smartphone payments option.

PChome Online Inc subsidiary, Pi Mobile Technology Inc. has now launched the Pi mobile wallet app for consumers to use to may payments at over 5,000 convenience stores throughout Taiwan.

The application is the result of a collaborative effort among some of the major players in the country.

The Pi mobile wallet has come about because PChome, CTBC, and Uni-President Enteterprises are all working together to launch it. PChome is the top online shopping portal in Taiwan. CTBC Bank is the leading issuer of credit cards in the country. Uni-President Enterprises is the operator of Taiwan’s 7-Eleven franchise. According to Jan Hung-tze, the chairman of PChome, at a press conference, “The partnership with 7-Eleven is expected to accelerate growth in mobile payment usage in Taiwan, as smartphones and convenience stores have become an integral part of our daily lives.”

When the mobile wallet is combined with a credit card from CTBC, small purchases can be made.

Mobile Wallet App LaunchedThese mobile payments have a maximum limit of NT$1,000 (almost US$32.00). The wallet app allows consumers with a CTBC Bank credit card to buy products at the 7-Eleven stores across the country. All they need to do is have the Pi application running on their smartphones. When the user is ready to make a purchase, a unique barcode is displayed on the smartphone screen. It is then scanned at the checkout counter and the payment is automatically made. The transaction is then verified and completed when the user enters a four digit code.

In the country, cash payments currently make up an estimated 75 percent of all transactions, according to Jan. They are considerably behind the times when compared to the trends in other countries in the Asia Pacific region as well as in many nations around the world. In Singapore, South Korea, and Hong Kong, for example, cash payments have dropped to about 50 percent.

All credit card information from this mobile wallet is stored remotely, and transactions can be completed only if the four digit code is used. In that way, the mobile security features are in place to stop the device from being used to make purchases by the wrong person. Furthermore, the fact that it can be used only at 7-Eleven and it has a maximum transaction limit further reduces the risk of fraudulent charges.

NFC technology based mobile payments trial begins in Taiwan

Far EasTone has just announced its intentions to begin a pilot program for smartphone transactions.

The third largest telecom company in Taiwan, Far EasTone Telecommunications, has just announced that it intends to use NFC technology as a part of the trial mobile payments project that it is launching in the country in the second half of the year.

The first phase of the project will be starting within the third quarter of 2013.

That phase will work in partnership with both Far Eastern International Bank, and the second largest credit card company network in the world, MasterCard Inc. This, according to the president of the company, Yvonne Li.

The second phase of the NFC technology based payments pilot will start in the last quarter of the year.

NFC Technology - Taiwan Mobile PaymentsDuring the fourth quarter of 2013, Li explained that the project will expand its mobile payments reach by working with a larger number of local banks, and will broaden its credit card partnership so that it will also include Visa Inc.’s network. This was announced by Li at the general meeting of shareholders for Far EasTone.

The NFC technology pilot project will begin by targeting mobile payments for purchases that are smaller than approximately $100 (NT$3,000). This is due to the Financial Supervisory Commission (FSC) requirements to which the organization must adhere. The FSC is the top financial watchdog for Taiwan.

Li has already explained that the NFC technology mobile payments will “begin with our group’s banks and department stores, while seeking external partners such as fast food chain stores,” however she also said that further details will be held off until a press conference before the end of this month, at which point they will be revealed.

The FSC granted approval to the Far Eastern Group unit, Far Eastern International Bank, back on June 11. This approval included the ability of the company to be able to offer mobile payments using NFC technology over smartphones that are equipped with that tech. This makes Far EasTone the second entrant into the mobile payments ecosystem in Taiwan, after the largest mobile provider in the company, Chunghwa.