Taipei-The Financial Supervisory Commission (FSC), the top financial regulator in Taiwan, said Saturday that it is planning to allow Apple Pay, a mobile payment and digital wallet service provided by Apple Inc., to expand its services in Taiwan.
Currently, only holders of credit cards issued by Visa and MasterCard are eligible to sign up with Apple Pay to use its mobile payment services, but the FSC said that the service could be expanded to debit card holders in Taiwan in the near future.
The FSC said that as long as changes benefit local consumers, the commission is happy to make it happen.
Speaking with the Central News Agency (CNA), FSC Banking Bureau deputy director Chuang Hsiu-yuan (???) said that both Visa and MasterCard have built close business ties with Apple Pay and once they reach a consensus on expanding its digital wallet services to debit card holders in Taiwan, change is possible.
In addition to the need for agreement between Apple Pay and the two international credit card issuers, Chuang said, when the service is expanded also depends on progress made by the Bankers Association of the Republic of China to ensure transaction security for debit card users.
Apply Pay started to provide payment services for credit card holders in Taiwan on March 29, making it the first of the major foreign mobile payment platforms in the world available in Taiwan.
Samsung Pay and Android Pay launched their services in Taiwan in early May and June, respectively, though the FSC did not say whether Samsung Pay and Android Pay will expand their services in line with Apple Pay.
At present, Apple Pay has more users in Taiwan than Samsung Pay and Android Pay.
According to the FSC, transactions by credit card users using Apple Pay and the number of credit card holders who signed up for the mobile payment service rose slightly in May and June. However, the commission did not provide data related to Apple Pay spending.
Chuang said, E. Sun Commercial Bank (???), one of the local banks which provide Apple Pay services to credit card holders in Taiwan, is seeking approval from the FSC to expand the services to debit card users.
Earlier this year, Visa in Taiwan said the company is hoping Apple Pay will expand its services to debit card users by the end of the year. The expansion is expected to benefit young people who cannot have credit cards before the age of 20, but do have access to debit cards, enabling them to enjoy the convenience of mobile payment services.
Source: Focus Taiwan News Channel