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.