Visa and China’s largest shopping platform, Taobao.com,= have joined forces to boost cross-strait e-commerce by increasing online shopping safety with the “Verified by Visa” service.
The move came after Taobao.com (淘寶網), a subsidiary of China’s e-commerce giant Alibaba Group (阿里巴巴), said in a statement on Wednesday that it planned to open a virtual “Taiwan Mall” in July to sell Taiwanese-brand products.
“Taobao is always focused on improving the user experience for its customers and is pleased to work with Visa to provide a secure and convenient payment option for our Taiwan-based users,” Taobao chief financial officer Daniel Zhang (張勇) said on Thursday.
Verified by Visa is a password-protected service that verifies a cardholder’s identity when shopping online. The service provides added assurance that a genuine cardholder is taking part in the transaction and protects online shoppers from the risk of fraudulent use of their cards.
Visa’s country manager for Taiwan Marco Ma (麻少華) said that for retailers, the service offers a guarantee that cardholders are who they say they are and reduces the likelihood of fraudulent transactions.
“Cross-border online shopping is a growing phenomenon in the Asia Pacific and Taiwan’s Internet shoppers have not lagged behind,” Ma said. “Through cooperation with Taobao.com, we hope to increase cardholders’ confidence when they shop online.”
Currently, there are 13 credit card issuers that provide the Verified by Visa service to Visa cardholders in Taiwan.
SUPPORT: The government said it would help firms deal with supply disruptions, after Trump signed orders imposing tariffs of 25 percent on imports from Canada and Mexico The government pledged to help companies with operations in Mexico, such as iPhone assembler Hon Hai Precision Industry Co (鴻海精密), also known as Foxconn Technology Group (富士康科技集團), shift production lines and investment if needed to deal with higher US tariffs. The Ministry of Economic Affairs yesterday announced measures to help local firms cope with the US tariff increases on Canada, Mexico, China and other potential areas. The ministry said that it would establish an investment and trade service center in the US to help Taiwanese firms assess the investment environment in different US states, plan supply chain relocation strategies and
Hon Hai Precision Industry Co (鴻海精密) is reportedly making another pass at Nissan Motor Co, as the Japanese automaker's tie-up with Honda Motor Co falls apart. Nissan shares rose as much as 6 percent after Taiwan’s Central News Agency reported that Hon Hai chairman Young Liu (劉揚偉) instructed former Nissan executive Jun Seki to connect with French carmaker Renault SA, which holds about 36 percent of Nissan’s stock. Hon Hai, the Taiwanese iPhone-maker also known as Foxconn Technology Group (富士康科技集團), was exploring an investment or buyout of Nissan last year, but backed off in December after the Japanese carmaker penned a deal
WASHINGTON POLICY: Tariffs of 10 percent or more and other new costs are tipped to hit shipments of small parcels, cutting export growth by 1.3 percentage points The decision by US President Donald Trump to ban Chinese companies from using a US tariff loophole would hit tens of billions of dollars of trade and reduce China’s economic growth this year, according to new estimates by economists at Nomura Holdings Inc. According to Nomura’s estimates, last year companies such as Shein (希音) and PDD Holdings Inc’s (拼多多控股) Temu shipped US$46 billion of small parcels to the US to take advantage of the rule that allows items with a declared value under US$800 to enter the US tariff-free. Tariffs of 10 percent or more and other new costs would slash such
SENSOR BUSINESS: The Taiwanese company said that a public tender offer would begin on May 7 through its wholly owned subsidiary Yageo Electronics Japan Yageo Corp (國巨), one of the world’s top three suppliers of passive components, yesterday said it is to launch a tender offer to fully acquire Japan’s Shibaura Electronics Co for up to ¥65.57 billion (US$429.37 million), with an aim to expand its sensor business. The tender offer would be a crucial step for the company to expand its sensor business, Yageo said. Shibaura Electronics is the world’s largest supplier of thermistors, with a market share of 13 percent, research conducted in 2022 by the Japanese firm showed. If a deal goes ahead, it would be the second acquisition of a sensor business since