UnionPay International is accelerating the process of chip migration of its acceptance network in Taiwan, with HSBC Taiwan, is enabling all of its ATMs to accept UnionPay chip cards. The UnionPay card business in Taiwan started in 2009 and now 98% of the local ATMs are now able to accept UnionPay cards.
China UnionPay (CUP) is on a path to dwarf all other global payment systems combined and on a trajectory to cross the US$10 trillion in annual transaction value milestone in mid-2016 and may reach US$18 trillion by end-of-year (EOY) 2019. CUP racked up US$6.5 trillion in transaction value last year, according to CardData. Forecaster RAM Research’s CAGR Corner computes CUP compound annual growth rate (CAGR) at 23.44% .
The Taiwanese cards and payments industry demonstrated regular growth over the past few years, with the growth encouraged by a number of factors such as banking infrastructure development and growing awareness of electronic payments. Besides, wider acceptance of payment cards at POS terminals and wider adoption of contactless cards also supported the industry growth.
Since its founding in 2002, the China UnionPay (CUP) network has emerged as a force to be reckoned with globally. Over the past five years the annual transaction value has soared by 2.5 times and last year grew more than 27% year-on-year (YOY), according to CardData.
China UnionPay (CUP), Cathay United Bank (CUB) and other institutions are going full throttle to expand EMV card acceptance at ATMS throughout Taiwan. POS terminal upgrades to EMV will likely reach 80% of merchants by the end of this year.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Ritz Carlton Rewards Visa Signature. The card is issued by JPM Chase.
Online shopping in Taiwan will soon be made simpler with the launch of MasterPass, MasterCard’s global digital payment solution, on November 19. MasterPass eliminates the need to enter detailed payment and shipping information with every purchase, and simplifies and speeds up the process of completing a transaction from any connected device.
Beijing-based Alibaba announced its online travel business, Taobao Travel will become an independent business and brand named “Alitrip.” Alitrip currently has over 10,000 merchants on its platform providing airplane tickets, vacation packages, hotel booking services, visa application services and tour guide services.
NCR Corporation announced that Cathay United Bank (“CUB”) has become the first bank in Taiwan to provide personalized automated teller machine (“ATM”) transactions by using NCR APTRA Connections software. CUB is the fourth largest ATM deployer in Taiwan with more than 1,900 ATMs. APTRA Connections is now running on about 180 units of NCR SelfServ ATMs and 120 units from another vendor. Most of these ATMs are installed at busy locations. CUB is also planning to extend the new features to its entire ATM network gradually. APTRA Connections enables CUB to recognize their customers and display personalized greeting message. CUB customers can customize their ATM menu by pre-selecting favorite transaction options that include their usual cash withdrawal amount, bill payment and bank transfers, resulting in fewer screens to navigate and save time – as much as 33 percent faster than a typical transaction.
Dynamics announced today that it now offers cardholders the ability to earn Air Dollars on major US and International airlines, as well as allowing them to earn seats on private jet flights through its exclusive reward partner JetLimo. Unlike airline rewards cards, which typically offer consumers 1 mile for every dollar they spend on most purchases, Dynamics ePlate Visa card lets customers earns 1.35% in Air Dollars for every dollar they spend. These Air Dollars can then be redeemed for $250 credits on major US and International Carriers, on any ticket they buy from the airlines websites, without blackouts or flight restrictions, or limited availability of frequent flyer seats. Unlike airline cards, consumers can also choose to earn seats on private jet flights though Jet Limo, a new travel option that makes the benefits of business aircraft travel available at airline fares. Consumers can earn seats on flights they select valued up to $1500, after spending only $12502, making this an over 100% reward.
Gemalto announced “UpTeq NFC SIM” embedded software and product has been selected by Chunghwa Telecom (CHT) to secure its NFC payment program. CHT is Taiwan’s largest mobile network operator with 10 million subscribers. The initiative, using the SIM as the secure element to safeguard mobile NFC transactions, was approved by the Financial Supervisory Commission of Taiwan. CHT subscribers will be able to use their mobile phone for contactless payments at over 20,000 MasterCard® PayPass™ point of sale readers across Taiwan including supermarkets, department stores and a fleet of taxis. The pilot also supports additional NFC services such as multiple credit and prepaid cards, loyalty cards, coupons, and ticketing.
Gemalto deployed its next generation multi-application advanced smart cards technology to EasyCard Corporation allowing micropayments on the widely used transport card enjoyed by over 30 million cardholders that ride the metro in the Greater Taipei Area. The new Gemalto Celego card supports both contact and contactless functionalities, allows users to securely check their personal transaction records from the Internet, to make e-payment for government services and to conduct Internet shopping. Gemalto made available its full set of consulting services on specifications, provided operating system development and certification, and advised EasyCard Corporation on the migration path and opportunities to this new high end multi-application product. The Gemalto Celego card has obtained the Common Criteria EAL4+ top level bank security standard certification. This enables EasyCard to meet the Taiwan Financial Supervisory Commission stringent requirements.