5 Taiwan carriers to deploy a NFC mobile payment platform

Thursday 17 July 2014 09:19 CET | News

Five Taiwan-based telecoms carriers have unveiled plans to collaborate in developing a mobile payments platform with near field communication (NFC) technology.

The five telecoms, comprised of Chunghwa Telecom, Taiwan Mobile, Far EasTone, Asia Pacific Telecom and Taiwan Star Cellular, are set to collaborate with contactless smartcard payment company EasyCard to establish a trusted service management (TSM) platform that will ensure the security of NFC-enabled mobile transactions and payments.

As a result, a subsidiary company has been formed. Taiwan’s telecoms carrier and the EasyCard will each hold a 10 % stake on the subsidiary, with the rest to be held by banks and other financial institutions.

According to the subsidiary company, at 25 % Taiwan is lagging markedly in mobile payment adoption relative to neighbouring Singapore’s 53 %, China’s 55 %, and Hong Kong’s 65 % utilization rate. The company is set to increase Taiwan’s adoption rate to about 50 % within five years’ time following the establishment of the TSM-secured NFC mobile payment platform.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Taiwan, carriers, NFC mobile payment, NFC, mobile payments, payments platform
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events