Fri, May 19, 2017 - Page 12 News List

CTBC aims to be among first to offer Android Pay

Staff writer, with CNA

CTBC Bank (中國信託銀行) yesterday confirmed that it has agreed to work with US tech giant Google with the aim of becoming the first bank in the nation to provide Android Pay digital wallet services.

Local media reports said that CTBC Bank is among several Taiwanese banks gearing up to provide Android Pay services, which could be launched domestically next month.

Other candidates include First Commercial Bank (第一銀行) and Bank SinoPac (永豐銀行), the reports said.

Android Pay would be the third foreign mobile payment platform in the nation, following Apple Pay, which was launched in late March, and Samsung Pay, which began early this month.

CTBC Bank said that Android Pay uses near field communication (NFC) technology to wirelessly communicate with point of sales systems with Google security functions and transmit card information to complete fund transfers to retailers, facilitating speedy transactions in a safe and simple way.

Users of radio-frequency identification credit cards will have access to Android Pay as long as their smartphones or tablets are equipped with Android KitKat 4.4 or more advanced systems, the bank said.

The digital payment system will be widely available at many local stores, including department store food courts, hypermarkets and cosmetics and drugstore chains.

More than 50 percent of Android phone users in Taiwan are expected to able to use the new payment system, the bank said.

Android phones account for about 80 percent of the Taiwanese smartphone market, which means there could be a huge market for Android Pay services.

Launched in September 2015, Android Pay is available in several markets around the world, including the US, the UK, Ireland, Poland, Singapore, Australia, Hong Kong, Japan and New Zealand.

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