The Legislative Yuan yesterday passed an amendment that authorizes EasyCard and three other electronic stored value cards to conduct third-party online payments.
The amendment to the Act Governing Issuance of Electronic Stored Value Cards (電子票證發行管理條例) builds on another bill passed by the legislature in January that provided a legal basis for local companies to run third-party online payment businesses, like US-based PayPal.
The legislation passed yesterday is expected to broaden these cards’ business scope and give a boost to the nation’s third-party online payment sector, analysts said.
EasyCard, which is issued by EasyCard Corp, is currently used primarily to pay MRT and bus fares, and make purchases — up to a maximum of NT$1,000 per transaction and NT$3,000 per day — in convenience stores and other authorized shops.
The newly passed amendment will also help iPass, iCash and HappyCash extend their reach into the third-party payment sector.
iPass is issued by iPass Corp and is mainly used for transportation fares in the south and billing in select shops, while iCash is issued by 7-Eleven convenience store chain operator President Chain Store Corp and the HappyCash card is issued by the Far Eastern Group for payments at the group’s retail outlets.
The newly amended law will require participating electronic stored value card issuers to give cardholders a rebate from the interest income or other income they make on the money cardholders have stored in their cards.
Operators must put a certain percentage of the funds stored in the cards in a bank account to finance the rebates, according to the amendment.
To protect consumers’ rights, non-bank card issuers will be required to set aside reserves equal to a certain portion of the funds they receive from consumers by either opening a trust account or securing bank guarantees.
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