Far Eastern Group (遠東集團) yesterday launched a mobile payment platform to leverage its extensive retail operations and establish itself as an early mover in the field.
Developed by Far Eastern International Bank (遠東商銀), the platform integrates electronic wallet apps and mobile payment tools with the group’s products.
The platform supports Alipay (支付寶), a payment service run by Alibaba Group Holding Ltd’s (阿里巴巴) affiliate Ant Financial Services Group (螞蟻金服), and Taiwan’s JKOS Pay (街口), the bank said, adding that it is in talks with other payment services and retail outlets, such as convenience stores and China’s WeChat Pay (微信支付).
The list of supported payments options is bolstered by the conglomerate’s own offerings, including the friDay Wallet app operated by its Far EasTone Telecommunications Co (遠傳電信), as well as Happy Go Cards and Happy Go Cash stored-value and rewards cards.
“A payment-alone service does not enhance the user experience or attract additional consumer spending,” Far Eastern International Bank’s digital banking group chief Simon Tai (戴松志) said.
The platform offers automated tallying of shopping receipts and notifications for discounts, gifts and complimentary parking for eligible shoppers, Tai said, adding that various reward schemes can now be consolidated on consumers’ mobile devices.
Compared with services that can only be used at certain outlets, the platform covers the conglomerate’s retail affiliates in shopping malls, big-box and grocery stores, Tai said.
Tai said that the platform is based on QR code technology to minimize concerns about hardware compatibility and cost.
He added that the company is not prioritizing near field communication-based mobile payment systems offered by Samsung Group, Apple Inc and Alphabet Inc’s Google, as they offer little in customization.
The platform is part of the conglomerate’s strategy to “fight as a group,” and yield synergistic gains by working together, Far Eastern Group chairman Douglas Hsu (徐旭東) said.
Hsu also outlined plans for Far Eastern International Bank to transform into a digital bank.
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