The approval is conditional, Chang said, adding that clearing and settlement of Apple’s digitized credit card-based mobile payment and digital wallet service must be conducted in Taiwan.
In addition, Chang said that the token service provider, the authenticating entity for the service, may be operated by institutions based either abroad or in Taiwan.
Domestic mobile payment companies had previously said that granting approval to foreign platforms would hamper the prospects of local developers.
Gamania Digital Entertainment said that opening the domestic mobile payment market to foreign operators would help boost adoption among the public, but government policies must ensure a fair and competitive environment for local companies in terms of taxation and regulatory obligations.
According to Allpay Financial Information Service, local companies welcome the competition from foreign operators but urged the government to impose consistent rules on all operators.
In an effort to provide consumers with a wealth of payment options, Chang said that the government has asked the Financial Supervisory Commission to coordinate collaborative efforts among domestic and foreign payment service providers and propose necessary regulatory changes to foster development of authentication platforms.
What`s more, MasterCard Taiwan executive Eva Chen said that the company is preparing to bring Apple Pay, Samsung Pay and Android Pay to Taiwan and that it is also helping launch the T-Wallet service developed by Taiwan Mobile Payment, a new mobile payment venture founded in 2014.
Taiwan is poised to be the third nation in Asia to give the green light to Apple Pay. The service is currently available in the US, Canada, England, Australia, Singapore and China, while authorities in Hong Kong, France and Spain are likely to give their approval before the end of this year.
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