More than three million Visa payWave-enabled cards have been issued; accepted by more than 5,500 retail outlets across Taiwan
Consumers in Taiwan are finding daily payments faster and more convenient by using Visa payWave contactless payments cards. Visa today announced that more than 5,500 merchant outlets in Taiwan now accept Visa payWave contactless payments, allowing cardholders to complete their transactions in as little as four seconds. Combined, retail outlets have installed more than 13,000 Visa payWave readers across the island. Merchants that accept Visa's contactless cards include gas service stations, department store food plazas, coffee shop chains, hyper-marts, supermarkets, convenience stores, restaurants, bookstores, drugstores. Visa payWave is also being used for public transportation such as on the Taiwan High Speed Rail, Taiwan Railway, and long-distance buses and taxis.
As of June 2009, more than three million Visa payWave-enabled cards had been issued in Taiwan and in June alone there were 1.7 million Visa payWave contactless transactions totaling US$56 million (approximately NT$1.8 billion3).
Marco Ma, Country Manager of Visa Taiwan, said, gSince its introduction in Taiwan in 2005, Visa payWave has seen a broadening of acceptance and increase in usage because contactless purchases are faster, easier and benefit the entire payment chain of clients, merchants and cardholders.
Merchants in Taiwan are deploying our contactless technology to improve operational efficiency and customer satisfaction. By eliminating the hassles of cash transactions and the need to wait for change, Visa payWave not only enables cardholders to enjoy the benefits of electronic payments, but also helps them manage their busy schedules more effectively.
The speed and convenience of Visa payWave makes it attractive to use according to Visa payWave cardholder Lara Peng. gIt takes only seconds to pay with Visa payWave and I don't have to wait for change anymore. Visa payWave makes payment faster and more convenient. It's also safer as I don't have to hand over my card to the cashier when I pay. I just wave it. The card stays in my hand. Ifm in control.
Retailers have found Visa payWave a good business companion. Mr. Chu, a taxi driver in Taipei who accepts contactless payments said, The Visa payWave function is fast and easy to operate. For our customers, they can settle the payment in just a few seconds and there is no need for change. For us, we feel more secure as we can carry less cash and will not receive counterfeit notes.h
There are 13 Visa payWave issuers in Taiwan - Bank Sinopac, Cathay United Bank, Chinatrust Commercial Bank, Citibank Taiwan, Cota Commercial Bank, E.Sun Bank, Far Eastern International
Bank, First Commercial Bank, Mega Commercial Bank, Shanghai Commercial and Savings Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Union Bank of Taiwan.
Visa payWave is a secure contactless payment technology that speeds up transactions by removing the need to physically swipe or insert the card into a payment reader. Customers hold their Visa
payWave-enabled card at a close range from the contactless reader to make payment. In Taiwan, cardholders can pay for transactions of up to NT$3,000 without having to resort to signature verification.
--www.theasianbanker.com (November 20 2009)--