MasterCard has begun working with Chunghwa Telecom and Cathay United Bank on a mobile NFC payments service in Taiwan.
According to the Taipei Times, in a trial approved by the Financial Supervisory Commission, Chunghwa Telecom mobile subscribers will be able to download virtual credit cards, issued by Cathay United Bank, to a SIM on NFC-enabled handsets.
Pilot participants will then be able to make purchases at stores with MasterCard PayPass terminals with a tap of their phone. They will also be able to pay bills using the system.
Another three banks - Chinatrust Commercial Bank, Taishin International Bank, and E.Sun Commercial Bank - have also applied to the FSC to take part in the programme, which is expected to launch commercially by the end of the year.