Taiwanese banks launch cell phone number interbank payment system

Focus Taiwan
Date: 09/30/2020
By: Pan Tzu-yu and Evelyn Kao

Taipei, Sept. 30 (CNA) Eight financial institutions in Taiwan launched a new service Wednesday that enables customers to conduct interbank electronic fund transfers using their mobile phone number, according to the government-funded Financial Information Service Co., Ltd. (FISC).

The service allows customers to use mobile phone numbers as validation of identity to access their bank accounts, and conduct interbank fund transfers with immediate confirmation, the FISC said in a statement Wednesday.

The eight financial institutions that launched the new service are Land Bank of Taiwan, First Commercial Bank, Chang Hwa Commercial Bank, Mega International Commercial Bank, Cota Commercial Bank, Far Eastern International Bank, Yuanta Commercial Bank and KGI Commercial Bank.

An estimated 20 other banks are expected to offer the service from later this year to the first quarter of 2021, according to the FISC.    [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.