With more than 10 Taiwanese banks ready to delve into the mobile payment business in anticipation of expected growth in the mobile payment market next year along with the push of the Apple iPhone 6, Shin Kong Bank announced Monday that it is inking a partnership with Chunghwa Telecom and MasterCard to roll out Over-the-air (OTA) safe downloads in November and expanding into wider areas in Q2 2015.
Hsu Yi-tsui, assistant manager of Shin Kong Bank Credit Card Department, said that triple layers of protection and convenience will be available for virtual card holders through OTA channels. The first stage is an identity check through the trusted-service-manager (TSM) platform; the second is password protection for the digital wallet to assure security during transactions; and the third is the issuing of virtual cards through OTA downloads to reduce wait times for card applicants.
Virtual cards will be initially be issued to customers of select local banks including CTBC Bank, Cathay United Bank, E.Sun Commercial Bank and Taishin International Bank in addition to Shin Kong Bank. Their partnership with Chunghwa Telecom, Taiwan's largest mobile provider, will enable users to simply tap their NFC-enabled phones into a compatible reader to make payments.
Other banks approved to run mobile credit card business by Taiwan’s Financial Supervisory Commission include Taipei Fubon Bank and Far Eastern International Bank, which will work with Taiwanmobile and FarEastone respectively. However, neither of the two banks has adopted the OTA platform, so users will need to preload card data in their mobile’s SIM card before initiating the virtual credit card service.