- Visa contactless transactions surpassed 70 percent;
- Tap to phone will bring new momentum to accelerate digital payment growth in Taiwan
Taipei, Taiwan, May 4, 2020 – Visa today announced that it would introduce “tap to phone” payment solution to help accelerate contactless acceptance in Taiwan. Contactless payments is already prevalent in the market, accounting for seven in ten of all Visa face-to-face transactions.
Tap to phone makes it easy for small and micro businesses to use smartphones to accept payments through a designated app and without any additional hardware. This means hundreds of thousands more sellers in Taiwan will be able to accept contactless payments using current-generation mobile devices.
Michelle Jao, General Manager of Visa Taiwan said: “Visa aims to empower more businesses to participate in the digital economy in Taiwan with the introduction of tap to phone technology. We have seen explosive adoption of Visa contactless payments in the market from 55 percent to over 70 percent in the span of just one year. Tap to phone solutions will bring many of the benefits previously enjoyed only by large merchants, such as more convenience, reliability and simplicity at point of sale. This will bring digital transformation to all small and micro business”
The solution applies to small and micro-sellers include delivery services, table checkout, clothing stores, the self-employed, professional services and one-on-one sales. Tap to phone can help these businesses increase sales by preventing lost sales and reduce operation cost such as cash handling, counterfeit money, and errors of account.
Customers benefit too, as they will be able make the same fast and secure payments in seconds by simply tapping their contactless card, phone or watch to the seller’s tap to phone-enabled smartphone. According to Visa’s Consumer Payment Attitudes Study, four in ten Taiwan consumers want to pay with contactless and credit cards at small merchants.
Tap to phone is supported by Android smartphones, equipped with Near-Field Communication (NFC). The solution builds on EMV chip technology and brings multiple layers of security on both the buyer and seller sides, to ensure that Visa’s high standards for secure payments are met. Each solution undergoes an intensive certification process including a security assessment by an accredited expert security lab. The solution is also supported by an industry standard that has been developed and published by the PCI Security Standards Council. An onboarding process and acquirer approval are required for sellers. Only authorized sellers can use the solution to accept Visa contactless payments facilitating worry-free transaction for payers and payees.
Visa is seeing strong interest in the tap to phone program around the globe with sixteen live pilots in nine key markets with high contactless penetration. Partner-led pilots have already been announced in Canada, UK, Ukraine, Turkey, Costa Rica and Malaysia, and additional pilots are planned in Poland, Spain, Italy, New Zealand and Australia. In Taiwan, acquiring partners are active toward the project in respond to the government’s vision in mobile payment as well as a cashless society.
 Visa Net: Feb. 2020. Visa Taiwan face-to-face contactless transactions amount to 71.8%.
 Visa Net: Sep. 2018. Visa Taiwan face-to-face contactless transactions amount to 55%.
 The “2019 Consumer Payment Attitudes Study” is conducted by Intuit Research on behalf of Visa. This online survey was conducted in May 2019 with 1,250 residents in Taiwan, Hong Kong and Macau. It is intended to track and analyze consumers’ perceptions, adoption, and attitudes toward cash and non-cash payments.