2019-07-05

Visa to boost standardized QR code payment in Taiwan with new program and incentives

Visa debit cardholders can scan to pay their credit card bills at home or anywhere and enjoy cashback rewards worth a total of NTD 1.5 million and transaction fees waiver[1] 
Taipei, Taiwan, July 5, 2019 Visa today announced the rollout of “Visa Debit Card Pays Credit Card Bill” program[2], in partnership with Financial Information Service Co., Ltd. To encourage greater adoption of digital payment, transactions fee will be waived for Visa debit cardholders, and from now until September 30, 2019, all credit cardholders will receive NTD 5 reward for every bill payment made. Visa is committed to invest NTD 1.5 million in the reward program.[3]
To enjoy the offers, customers first add their Visa debit cards in participating mobile applications, then scan the standardized QR code on the physical or electronic credit card statements to pay.
Marco Ma, General Manager of Visa Taiwan, said: "As the world’s leader in payment technology, Visa is dedicated to provide consumers with secure and convenient payment methods designed to solve consumers’ pain points. On average, Taiwanese has four credit cards and five debit accounts to manage every month.[4] The ‘Visa Debit Card Pays Credit Card Bill’ program enhances the payment experiences for consumers and issuing banks alike.”
There are approximately 16 million credit card bill payments every month in Taiwan, and around half of them are still settled physically at convenience stores.[5] This requires consumers to carry printed bill statements, make prior cash withdrawals, and pay in person. “Visa Debit Card Pays Credit Card Bill” removes the friction and enables consumers to pay anytime, anywhere through their mobile devices – saving on time and withdrawal or transfer fees, while eliminating human errors. Unlike physical payment, consumers can pay for bills larger than the NTD 20,000 limit.
Consumers can use any QR scanner or Taiwan Mobile Pay wallet, linked to participating Visa debit cards, to pay. Currently the program is available to customers with credit card statements from Taiwan Cooperative Bank, Chang Hwa Bank, Far Eastern International Bank, and, in the future, KGI Bank, Shin Kong Bank and First Bank. Participating debit cards include Chunghwa Post, Taiwan Cooperative Bank, Chang Hwa Bank, and First Bank, with Shin Kong Bank to follow within the next two months. Gradually the program will be expanded to more financial institutions.
Mr. Ma added: “Taiwanese are open to new payment solutions. According to Visa Consumer Payment Attitudes Study, half of Taiwan respondents who have not used QR payment before would like to use it to make bill payments.[6] As payment leader, Visa continues to support Taiwan government to accelerate mobile payment in Taiwan – bringing faster, simpler and more secure digital payments to all.

[1] Terms and conditions apply
[2] “Visa Debit Pay Credit Card Bill Service”: Please refer to the campaign webpage for more details on the cooperation between participating Visa credit and Visa debit banks.
[3]  All credit card rebates are on a first come first serve basis and subject to terms and conditions. For more details, please visit: https://www.visa.com.tw/pay-with-visa/featured-technologies/visa-qrcode-2018-2.html
[4] Source: The average number of credit card and debit card accounts is an estimated amount based on data provided by Visa’s partner financial institutions in Taiwan. The information may be subject to change in accordance with financial institutions and market conditions.
[5] Source: based on data provided by Visa card issuers in Taiwan, subject to change in accordance with market updates.
[6]  Visa’s Consumer Payment Attitudes Study 2019 examined the behaviors of digital consumers and to identify areas where Visa can drive greater adoption of electronic payments. The survey was conducted amongst 1,250 consumers in Taiwan, Hong Kong, and Macau in May 2019.