Taiwan Mobile Payment, a joint venture of Financial Information Service, the National Credit Card Center and the Clearing System Development Foundation, has launched its payment service provider trusted service manager (PSP TSM) platform to process mobile payments.

The mobile payment JV, which is supported by 32 local banks, will install the new payment system in Mitsukoshi and SOGO department stores, Taiwan Taxi cabs, Family Mart convenience stores, RT Mart supermarkets and E-Life Mall consumer electric appliance stores besides installing 20,000 card readers at over 30,000 stores across the country in 2015.

The service will boost domestic mobile transactions via ATM cards, credit cards and smart phones contributing to the surging TWD 70bn e-commerce market.

Taiwan Mobile Payment chairman Chao Yang-ching mentioned in a statement that the platform will strive to attract TWD 10bn ($315m) in transactions through smart cards and smart phones in the course of next three years.