Tue, Apr 23, 2019 - Page 12 News List

FSC says electronic payment rules to be made less strict

By Kao Shih-ching  /  Staff reporter

The Financial Supervisory Commission (FSC) has loosened proposed rules governing electronic payment services that were to take effect by the end of June.

In light of growing popularity of electronic payment services, the commission has amended the Rules Governing the Administration of Electronic Payment Business (電子支付機構業務管理規則), allowing companies to offer new services, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) said last week.

Payment companies currently can only rely on banks or other financial institutions, such as iPass Corp (一卡通票證), to process cash, while consumers are required to link their e-payment accounts to bank accounts or credit cards, or deposit money in an iPass account, Chuang said.

Under the amended rules, payment companies would issue stored-value cards, which could transfer money to e-payment accounts, Chuang said.

The maximum stored value of each card would be NT$5,000, she said.

The cards would also help payment companies reduce operational expenses compared with collaborating with banks, the bureau said.

Multiple cards could be used to make single purchases of NT$50,000 at most to prevent money laundering, while payment companies would have to set up risk-control mechanisms, especially for customers whose monthly transactions exceed NT$80,000, it said.

The commission last year said that it would merge the regulations governing electronic stored-value cards and electronic payments.

Last week, it said it was still amending them.

However, people would be allowed to pay fees, public service charges, transportation tickets and parking fees with the cards, just as they can with electronic payment services, it said.

This story has been viewed 2343 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top