Far EasTone Telecommunications Co (遠傳電信) yesterday said it aims to more than triple its number of subscribers to 1 million by the end of next year, riding on the fledgling growth of the nation’s electronic payment market.
The nation’s No. 3 telecom operator yesterday launched a new electronic wallet service, called friDay Wallet, which enables consumers to make in-person and proximity payments using near-field communications (NFC) technology.
The electronic wallet service integrates credit cards, retailers’ reward cards, and public transportation cards.
The government set the goal of increasing the use of electronic payments to 52 percent of transactions in 2020. More than 80 percent of purchases are currently made with cash.
“Even in a small shop in India, I can make purchases instantly using my smartphone,” Far EasTone chairman Douglas Hsu (徐旭東) told reporters.
To facilitate the development of mobile payments, the Financial Supervisory Commission gave the green light to the launch of Apple Pay earlier this year.
Some local banks are offering the Apple Pay service, allowing credit card holders to buy items over the Internet. More banks are to follow suit by offering the Apple Pay service early next year.
Shrugging off potential competition from Apple Pay, Far EasTone said it aims to become the nation’s largest electronic wallet service provider.
“This year is the first year that mobile payment services are to become available in Taiwan. We expect to see rapid growth next year,” company president Yvonne Li (李彬) said.
To drive mobile payment adoption, the telecom company plans to extend the service next year to small-scale retailers, which now predominantly take cash, Li said.
“Small shops’ adoption of mobile payments is crucial for the uptake of this service,” Li said.
Far EasTone said it had garnered 200,000 users four months after the service’s soft launch in August and the number is expected to climb to 300,000 by the end of this year and to 1 million by the end of next year.
Subscribers to the service can make purchases at 11 retailing subsidiaries of Far Eastern Group (遠東集團), including Pacific Sogo Department Stores Co (太平洋崇光百貨).
Consumers are also able to make purchases at convenience stores operated by President Chain Store Corp (統一超商) and Taiwan FamilyMart Co (全家便利商店).
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