Credit card firms to offer new services

Credit card issuers MasterCard International and Visa International yesterday announced that consumers around the nation will enjoy speedier transactions through their "contactless" credit cards, which are to be launched soon.

MasterCard last month launched a pilot program for users in Southern Taiwan called "TaiwanMoney Card," which combines credit and e-wallet functions.

The program will be formally inaugurated this month, allowing cardholders to shop with the cards and pay for bus fares.

To expand the "contactless" services around the nation, the organization will launch its "PayPass" payment technology today.

Visa yesterday also announced that by the year's end, local lenders Chinatrust Commercial Bank (中國信託), Union Bank of Taiwan (聯邦銀行) and Taishin International Bank (台新銀行) are expected to issue a similar product called "Visa Wave."

For the first stage, the company is cooperating with retail channels such as supermarkets, food courts and personal care stores, where small transactions are frequent and speedy transactions are needed.

The program requires no signatures for transactions that are under NT$3,000 (US$90) and card issuers can determine whether to use online or offline transactions, said Marco Ma (麻少華), Visa's country manager in Taiwan, during a press conference.