ATMs can convert Taiwan's stimulus vouchers to NT$2,000 cash

Taiwan citizens, foreign spouses can receive NT$2,000 in stimulus cash from ATMs

  18709
Cathay United Bank ATM. (www.freeway.gov.tw photo)

Cathay United Bank ATM. (www.freeway.gov.tw photo)

TAIPEI (Taiwan News) — When Taiwan's stimulus vouchers go into effect next month, Taiwanese citizens and foreign spouses will have the option of converting them to cash by using ATMs from three Taiwanese banks.

In order to boost Taiwan's economy amid the Wuhan coronavirus (COVID-19) outbreak, Premier Su Tseng-chang (蘇貞昌) announced on June 2 that stimulus vouchers would be made available in July. Taiwan citizens and foreign and Chinese spouses can pre-order the vouchers on July 1, and they will be issued on July 15.

The vouchers will come in four forms: hard copies, credit card payments, contactless smartcards, and mobile payments. Those who spend NT$3,000 (US$100) with their credit cards will receive an NT$2,000 deduction from the next month's bill, while users of contactless smartcards and mobile payment apps who spend NT$3,000 will receive NT$2,000 worth of credit deposited into their accounts, according to the Ministry of Economic Affairs website.

Those who opt for one of the digital payments methods, spend NT$3,000, and receive notice of eligibility can use one of nearly 40 different types of bank cards issued by one of three banks to use an ATM to receive a NT$2,000 cash reimbursement, reported CNA. The banks that will offer cashbacks via ATMs include Taishin International Bank, CTBC Bank, and Cathay United Bank. These three banks account for about 50 percent of all ATMs in Taiwan.

According to a source who spoke to the news agency, the banks currently participating in the program were selected based on their information system capabilities, but other banks could join in the promotion by making the necessary software and hardware adjustments to their systems. It is possible that the number of participating banks could increase by the time the program goes live in July.