Cash-free purchasing went up a notch last week when Taiwan FamilyMart Co (
Small-amount payments will be directly deducted from the electronic wallet (e-wallet) featured on the card's integrated-circuit (IC) chip, similar to the transaction method used by Taipei's mass rapid transit (MRT) system, buses and parking lots.
"This is the first card in the world that integrates credit card, e-wallet and transportation payment functions," said Jason Lin (
Taipei Smart Card cooperated with Cathay United Bank (國泰世華銀行), Chinatrust Commercial Bank (中國信託), Taishin International Bank (台新銀行) and Taipei Fubon Bank (台北富邦銀行) to launch the co-branded cards.
By flashing the card in front of a special reading device at Taiwan FamilyMart stores, consumers will enjoy a simpler method of payment and will no longer need to carry coins around all the time, the convenience store operator said.
The retailer also expects sales to go up as a result of the initiative.
"Based on Japan's experience, cardholders will spend 10 percent to 15 percent more each time when using the card ... we expect purchases to rise from NT$60 (US$1.8) and NT$70 each visit to NT$80, bringing overall sales up by 1 percent to 2 percent," Taiwan FamilyMart president and CEO Chang Ren-dun (張仁敦) said.
He estimated that approximately 3 percent of total sales -- up to 10 percent in some outlets -- will come from card payments.
As small-amount purchases are the most suitable for a signature-free card system, Taipei Smart Card plans to expand the card's usage to gas stations, vending machines and coffee shops.
Hi-Life International Co (萊爾富), which operates more than 1,100 stores, also accepts transactions using TaiwanMoney Cards issued by Cathay United Bank.
President Chain Store Corp (
With approximately 4.2 million icash cards in circulation, the operator will upgrade the e-wallet card to a co-branded credit card in cooperation with Chinatrust Commercial Bank.
The service will start operating on April 1.
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