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Bill on legal basis for third-party payments clears legislature

Bill on legal basis for third-party payments clears legislature

Taipei, Jan. 16 (CNA) A bill that provides a legal basis for third-party payments in today's new network economy, such as the hugely popular PayPal, cleared the Legislative Yuan Friday. Under the Electronic Payment Processing Institutions Act, it will allow for open collection and payment, deposits and remittances. The daily maximum limit of both deposits and transactions is NT$50,000 (US$1,590). The act stipulates that electronic payment institutions are required to have paid-in capital of NT$500 million or more, while companies that launch third-party payment collection and transfer businesses will be required to have paid-in capital of NT$100 million. To prevent payment institutions from reneging on payment duties, the institutions will also be required to put aside money to set up liquidity funds. Financial Supervisory Commission Chairman Tseng Ming-tsung (???) said recently that after the passing of the act, domestic electronic payment institutions will have more room for development, while the development of domestic e-business will also be boosted. (By Tai Ya-chen and Lilian Wu)


Updated : 2021-09-24 11:18 GMT+08:00