CTBC aims to be one of 1st banks to provide Android Pay services

2017/05/18 20:00:44 fontsize-small fontsize-default fontsize-big
(CNA file photo)

(CNA file photo)

Taipei, May 18 (CNA) CTBC Bank (中信銀), the banking flagship of CTBC Financial Holding co. (中信金), confirmed on Thursday that it has agreed to work with U.S. high-tech giant Google Inc. with the aim of becoming the first bank in Taiwan to provide Android Pay digital wallet services.

Local media said that CTBC Bank is among the Taiwanese banks gearing up to provide Android Pay services, which could be launched in the local market in June. Other candidates for the new service include First Commercial Bank (一銀) and Bank SinoPac (永豐銀), the reports added.

If Android Pay is provided in Taiwan as reported, the digital payment system will be the third foreign mobile payment platform following Apple Pay, which started in late March, and Samsung Pay, which began in early May.

Android Pay is a digital wallet payment system that powers in-app and tap-to-pay purchases on mobile devices. It will enable users to make payments with Android phones, tablets or watches.

The digital wallet platform, initially launched in September 2015, is currently available in several markets around the world, including the United States, the United Kingdom, Ireland, Poland, Singapore, Australia, Hong Kong, Japan and New Zealand.

CTBC Bank said the Android Pay service uses near field communication (NFC) technology to wirelessly communicate with point of sales systems with Google security functions and transmit card information to complete fund transfers to retailers, facilitating speedy transactions in a safe and simple way.

Users of radio-frequency identification credit cards will have access to Android Pay services as long as their smartphones or tablets are equipped with the Android KitKat 4.4 version or more advanced systems, CTBC Bank said.

The bank said that the digital payment system will be widely available at many stores in Taiwan, including food court vendors in department stores, hypermarkets and cosmetics/drug store chains.

According to the bank, more than 50 percent of Android phone users in Taiwan are expected to able to use the new payment system. Android phones account for about 80 percent of Taiwan's smartphone market, which means there could be a huge market for Android Pay services.

(By Tien Yu-pin and Frances Huang)

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