Owners of icash cards, originally restricted for 7-Eleven use only, will now be able to use the card as an alternative method of payment at selected stores after the Financial Advisory Commission approved the icash company’s application for distribution of electronic stored-value cards on Thursday.
The icash card is the second card in the nation approved for the electronic stored value card distribution. The other card, EasyCard, is distributed by EasyCard Corp and used mainly by Taipei Rapid Transit Corporation (TRTC), of which 40 percent is owned by the Taipei City Government, and the other 60 percent of shares held by public transportation business owners, banks and software system owners.
The icash company, a subsidiary Uni-President Co founded with capital of NT$300 million (US$10 million), plans for its cards to be used primarily at actual stores, the company said, adding that it would not be used for online transaction functions.
Like the EasyCard, icash cards have been approved under micropayment methods, limiting the cards to a maximum of NT$1,000 per purchase and NT$10,000 as the ceiling per recharge.
The commission said that the icash company would adhere to Uni-President’s 7-Eleven regulations and assume all responsibility for the icash card and recognize all value on the card prior to commission approval.
By July, icash had already sold 11.7 million cards, with a total amount of charged cash amounting to NT$780 million.
According to the Taipei Metro Co’s report to the Taipei City Council, EasyCard had sold about 6 million cards last year and a total of 30 million cards since its first sale.
Though the report did not reveal the total amount of cash charged onto EasyCards, from its income of NT$220 million last year and total investment capital of NT$770 million, it was earning NT$2.8 per share.
Uni-President said that cardholders would soon be able to use the card to pay for their expenses at stores, and the general expectation is that Uni-President-managed stores, such as Cosmed, Starbucks, Mister Donut, 21 Century restaurants and Muji would be among the first to accept the card as a method of payment.
In response to questions asking whether icards could be used for the MRT and Taiwan Railway Administration (TRA) trains, the commission said that such things fell under commercial negotiation between icash, the TRTC and the TRA.
Meanwhile, when reached for comments, EasyCard Corp said it has always maintained good relations with Uni-President Co, adding that the company believes it can continue a healthy competition with Uni-President.
Additional reporting by Wu Liang-yi
Palauan President Surangel Whipps Jr arrived in Taiwan last night to kick off his first visit to the country since beginning his second term earlier this year. After arriving at Taoyuan International Airport at around 6:30 pm, Whipps and his delegation were welcomed by Minister of Foreign Affairs Lin Chia-lung (林佳龍). Speaking to gathered media, the Palauan leader said he was excited and honored to be back in Taiwan on his first state visit to Taiwan since he was sworn in this January. Among those traveling with Whipps is Minister of State Gustav N. Aitaro, Public Infrastructure
President William Lai (賴清德) yesterday thanked Palau for its continued support of Taiwan's international participation, as Taipei was once again excluded from the World Health Assembly (WHA) currently taking place in Switzerland. "Palau has never stopped voicing support for Taiwan" in the UN General Assembly, the WHO and other UN-affiliated agencies, Lai said during a bilateral meeting with visiting Palau President Surangel Whipps Jr. "We have been profoundly touched by these endorsements," Lai said, praising the Pacific island nation's firm support as "courageous." Lai's remarks came as Taiwan was excluded for the ninth consecutive year from the WHA, which is being held in
RESOLUTIONS DEBATE: Taiwan’s allies said that UN and WHA resolutions cited by China and other nations ‘do not determine Taiwan’s participation in WHO activities’ A proposal to invite Taiwan to this year’s World Health Assembly (WHA) was rejected on Monday, resulting in Taipei’s absence from the annual meeting for a ninth consecutive year, although partners spoke up for Taiwan’s participation at the first day of the meeting. The first agenda item after the opening was a “two-on-two debate” on a proposal to invite Taiwan to participate at the WHA as an observer. Similar to previous years, two countries made statements in favor of the proposal, while two others expressed their opposition. Philippine Secretary of Health Teodoro Herbosa, president of the 78th WHA, accepted the WHA General Committee’s
At least three people died and more than a dozen were injured yesterday afternoon when a vehicle struck a group of pedestrians in New Taipei City’s Sansia District (三峽). The incident happened at about 4pm when a car rammed into pedestrians at an intersection near Bei Da Elementary School. Witnesses said the sedan, being driven at a high speed, ran a red light, knocking scooters out of the way and hitting students crossing the road before careening into a median near the intersection of Guocheng and Guoguang streets. The incident resulted in three deaths and 13 injuries, including the driver, a 78-year-old man
RSS