Taiwan Cooperative Bank (TCB) and Visa, the global leader in digital payments, today implemented Taiwan's first standardized and EMV-compliant QR Code payment.
Wu-Shung Yan, Executive Vice President, Taiwan Cooperative Bank and Eric Wang, Visa’s Head of Product for Taiwan, demonstrating Taiwan’s first QR Code payment by an international payment network following EMV Specifications.
Wu-Shung Yan, Executive Vice President, Taiwan Cooperative Bank and Eric Wang, Visa’s Head of Product for Taiwan, demonstrating Taiwan’s first QR Code payment by an international payment network following EMV Specifications.
Part of Financial Information Service Co.'s "Standardized QR Code Solutions," the new EMV solution will be among the first large-scale deployments of standardized QR Code payments in Taiwan, initially covering more than TCB's 8,000 acceptance points. Soon consumers can link their TCB Visa debit or credit cards with the Taiwan Mobile Payment mobile app to experience the security and convenience of mobile payment.
Chung-Dar Lei, Chairman of TCB, said: "This is a significant milestone for mobile payment in Taiwan. TCB is proud to be the first financial institution in Taiwan to carry out the first EMV-compliant QR Code payment. This roll-out will boost the bank's already extensive acceptance footprint due to standardized QR Code's cost-effectiveness as a payment method. We hope to help further advance Taiwan's mobile payment for the benefits of all."
Marco Ma, General Manager of Visa Taiwan, said: "By adopting the EMV QR Code Specification, as supported by Taiwan's two large domestic payment switches, consumers can enjoy a fast, convenient and secure payment experience. The specifications are intended to be globally interoperable; and with the right mobile application local consumers as well as overseas travelers will be able to use the same QR Code to make payments everywhere the specifications have been adopted, opening up more revenue sources beyond Taiwan."
TCB's EMV QR code solution offers extensive payment applications including payments for credit card bills, utilities, insurance premiums, tuition fees, air tickets and taxes. From online merchants to food trucks, standardized QR code payments provides consumers with a safe and more convenient way to shop and bring Taiwan closer to becoming a cashless society.