Taipei-CTBC Bank, the flagship banking entity of CTBC Financial Holding Co., is expected to conduct a trial run expansion of Apple Pay services, a mobile payment and digital wallet service provided by Apple Inc., the Financial Supervisory Commission (FSC) said Wednesday.
Currently, only holders of credit cards issued by Visa and MasterCard are eligible to sign up with Apple Pay to use its mobile payment services. However, the FSC said in August that the service could be expanded to debit card holders in Taiwan in the near future.
The FSC said that as long as change benefits local consumers, the commission is happy to make it happen.
After the FSC, the top financial regulator in Taiwan, made the announcement, CTBC Bank applied for permission to conduct the new Apple Pay services through debit cards on a trial basis.
The FSC said Taiwan's Bank Association is adjusting transaction security standards to allow banks to include debit cards in mobile payment services including Apple Pay.
The commission said that as Visa and MasterCard have already worked with mobile payment service providers such as Apply Pay, the new service through debit cards will first be applied to the two international credit card issuers.
CTBC Bank said as soon as the timetable for the launch of new services is set, it will make a public announcement.
Apply Pay started providing payment services for credit card holders in Taiwan on March 29, making it the first of the major foreign mobile payment platforms in the world available in Taiwan.
Samsung Pay and Android Pay launched services in Taiwan in early May and June, respectively.
At present, Apple Pay has more users in Taiwan than Samsung Pay and Android Pay.
In addition, Lin Su-chen (???), head of the consumer banking division of Standard Chartered Bank, said it is the only bank in Taiwan to provide mobile payments through the three international systems and has a mechanism to include debit cards already in place, so the bank is expected to get on board soon after the FSC issues the green light.
Source: Focus Taiwan News Channel