A new system established by Financial Information Service Co Ltd (FISC, 財金公司) is set to launch next month, allowing users to transfer money between different e-payment platforms, a change that would help boost digital payment transactions, the Financial Supervisory Commission said on Thursday.
The nation’s eight e-payment companies with full operational licenses are required to join the “cross-platform e-payment system” before the end of this month, the commission told a news conference.
The eight companies include the nation’s two largest e-payment companies — Jko Fintech Co (街口金融科技), the operator of Jko Pay (街口支付), which has 4.74 million users, and iPass Corp (一卡通票證), which cooperates with Line Pay Taiwan Ltd (連加網路商業) to offer Line Pay Money, which has 3.93 million users, commission data showed.
The other six firms are EasyCard Corp’s (悠遊卡公司) EasyWallet (悠遊付) with 1.19 million users, AllPay Financial Information Service Co (歐付寶) with 970,000 users, Uni-President Enterprises Corp’s (統一) iCash Pay with 640,000 users, Gama Pay (橘子支) with 380,000 users, ezPay (簡單付) with 54,000 users and PChome InterPay (國際連) with 35,000 users, the data showed.
All eight e-payment service providers have run tests of their interfaces with the FISC system and they are expected to join on time, the commission said.
Should all eight e-payment companies join the system successfully, their combined 12 million users would benefit, as they would be able to transfer money more conveniently, it said.
Currently transfers between e-payment users is only viable when the users use the same e-payment service provider — a Jko Pay user cannot currently transfer money to a user of Line Pay Money.
This is inconvenient, as people do not want to manage multiple accounts on a variety of different e-payment platforms, the commission said.
The amount of transfers made by e-payment users totaled NT$5.52 billion in July, up 6.36 percent month-on-month, and it is projected to rise when the FISC system is launched, it said.
The handling fee per transfer has not been finalized, but it would be no higher than the NT$15 fee charged for bank transfers, the commission said.
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