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CARDS & PAYMENTS | Staff Reporter, Taiwan

Taiwan Cooperative Bank rolls out QR code payment in Visa tie-up

It claims to be the country’s first standardised and EMV compliant QR code payment.

Taiwan Cooperative Bank in partnership with Visa has implemented a QR code payment scheme in what they call as the country’s first such standardised and EMV-compliant model.

Also read: Private Taiwanese players beat state counterparts in banking competitiveness

The EMV QR code solution will initially cover over 8,000 TCB acceptance points which will be progressively increased in the coming months. It can be used to meet a wide array of consumer requirements including payments for credit card bills, utilities, insurance premiums, tuition fees, air tickets, taxes, food and online purchases.

Also read: Credit card spending in Taiwan hits $47.05b in H1 

In the future consumers can link their TCB Visa debit or credit cards with the Taiwan Mobile Payment mobile app.

The large-scale deployment of standardised QR code payments is part of the government push to have 90% of mobile phone users using mobile payment schemes by 2025 as mobile payment stood at a low 13% as of January 2018.

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