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| Smartphones. (Photo/Chen Chun-wei) |
More people in Taiwan will soon be able to make payments with their mobile phones after the country's Financial Supervisory Commission announced that banks in the country can apply for approval to integrate credit card functions with card holders' handsets.
The
commission made the announcement on Jan. 15, after Taiwan's Bankers Association
completed and filed the standard security control procedures required for
making credit card payments with mobile phones.
With the
new mobile payment service and the existing mobile banking service, users will
be able to transfer money, pay bills, shop online and make credit card payments
through their mobile devices, a bank official said.
Compared
with the ongoing trial project related to mobile phone payments, which is
carried out by five local banks, the official scheme will allow shoppers to
make payments that exceed the current limit of NT$3,000 (US$480), officials
from the commission said.
The five
banks taking part in the pilot scheme are Chinatrust Commercial Bank, Taipei
Fubon Bank, Union Bank of Taiwan, Taishin Bank and Cathay United Bank.
However,
card holders will still have to sign a receipt or provide pin numbers if their
purchases exceed NT$3,000 (US$480), which is mandatory under current
regulations.
Moreover,
in addition to the existing method of making credit card payments through a
specially made phone casing, which has been adopted by banks in the trial
scheme, the new regulations will allow banks to store the card information on
mobile phone SIM cards or memory cards.
To ensure
transaction safety, credit card issuers are required to follow the rules
formulated by the Bankers Association and meet security standards designed for
credit card payments made through mobile phones.
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