Taiwan's financial regulator, the Financial Supervisory Commission (FSC), has granted several banks, including Taipei Fubon Commercial Bank, Cathay United Bank, E. Sun Commercial Bank, and Union Bank of Taiwan permission to offer digital wallet and mobile payment services. The banks are allowed to provide services for a period of three years from July 1, 2017, with an option to extend it another two years. However, the FSC aims to raise that figure to 52% over the next five years, by encouraging the use of wallets such as Apple Pay and Samsung Pay.
Taiwan's financial regulator, the Financial Supervisory Commission (FSC), has granted several banks, including Taipei Fubon Commercial Bank, Cathay United Bank, E. Sun Commercial Bank, and Union Bank of Taiwan permission to offer digital wallet and mobile payment services. Mobile payments in Taiwan make up just 26% of the country's total electronic payments, well behind South Korea, Hong Kong and China. However, the FSC aims to raise that figure to 52% over the next five years, by encouraging the use of wallets such as Apple Pay and Samsung Pay.