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Taiwan Cooperative Bank completed Taiwan's first standardized QR Code payment in partnership with Visa

2018-10-04 15:52
https://photos.prnasia.com/prnvar/20181004/2257567-1

Taiwan Cooperative Bank's EMV QR Code payments will help bring mobile payment to a new era in Taiwan, in support of government's mobile payment policies  

TAIPEI, Taiwan, Oct. 4, 2018 /PRNewswire/ -- Taiwan Cooperative Bank (TCB) and Visa, the global leader in digital payments, today implemented Taiwan's first standardized and EMV®-compliant[1] 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.

[1] EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The   EMV trademark is owned by EMVCo, LLC. EMVCo is the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions by managing and evolving the EMV Specifications and related testing processes. EMV is a technology toolbox that enables globally interoperable secure payments across face-to-face and remote environments.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Photo - https://photos.prnasia.com/prnh/20181004/2257567-1

Source: Visa

Related stocks: NYSE:V

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