President Chain Store Corp (
The contactless card, which has an embedded chip that lets users wave it near a reading panel instead of swiping it, is called "icashwave."
It functions as an electronic wallet for purchases below NT$500 and can be used as a credit card for larger amounts.
The card is an extension of the icash payment service President Chain already offers at 7-Eleven stores, the nation's largest convenience store chain.
It has issued 4.2 million icash cards -- in which customers can load money -- since their introduction in 2004.
"The project enhances the functions of 7-Eleven's stored-value icash mechanism and boosts Chinatrust Commercial's number of credit cards and utility rate," the two companies said in a joint statement.
Consumers can apply for the new co-brand card from March 1 and begin to use them at approximately 4,500 7-Eleven stores nationwide in the second quarter, the retailer said.
The new payment tool is expected to be used in 40 million transactions per year, it added.
Chinatrust Commercial's other co-brand cardholders could also enjoy the service soon, Chinatrust Commercial chairman Charles Lo (
Lo said that companies like Chinese Petroleum Corp (
As part of the two companies' partnership, Chinatrust Commercial said it would offer new automatic teller machines (ATM) with a cash deposit function at 7-Eleven outlets in the fourth quarter.
This would enable 7-Eleven to build an extensive network of banking services, President Chain president Hsu Chung-jen (
ATMs located at 7-Eleven stores recorded an average of 7.4 million transactions per month last year, the company said.
The number of ATMs in 7-Eleven stores is expected to increase to 3,450 units
by April, up from 2,897 at the end of last year, making the convenience
store chain the largest ATM channel in the country, it said.
President Chain began a project in 2003 with Chinatrust Commercial by
installing ATMs in its convenience store chain after the latter acquired
Grand Commercial Bank (萬通銀行), which is controlled by President's parent
company, Uni-President Group (統一集團).
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
RSS