Taipei Times
Date: Sep 20, 2017
By: Crystal Hsu / Staff reporter

Local banks yesterday launched joint mobile payment services based on QR code technology in a bid to tap the fast-growing financial technology (fintech) business and outcompete foreign payment tools.

“Taiwan Pay aims to provide more convenient, quicker payment services using QR code technology via smartphones, which have become a necessity in daily life,” Deputy Minister of Finance Su Jain-rong (蘇建榮) told a news conference.

Mobile payments are divided into two camps: one powered by near field communication (NFC) technology and the other using QR code technology, the ministry said.

The ministry spearheaded the development of Taiwan Pay to help the nation become a regional technology hub and to compete with Apple Pay, Samsung Pay and Android Pay.    [FULL  STORY]