Taiwan Mobile, a GSM mobile phone operator, is outlining plans to launch a subsidiary to manage third-party payment business, authorizing customers to pay bills through mobile devices.
The company has drafted a proposal for the establishment that is to be approved during its annual general shareholders’ meeting scheduled in June 2014.
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Taiwan Mobile senior vice president Jeff Ku was quoted by Focus Taiwan as saying, "Third-party payment is considered a strategic deployment, and Taiwan Mobile will certainly participate in it."
The company plans to consolidate its mobile payment services, which work upon scanning QR codes or swiping NFC-enabled devices, into its planned third-party payments unit, added Ku.
Taiwan Mobile anticipates an initial capital requirement of TWD$300m ($9.96m) based on local regulations and is looking to form partnership with local lenders or with other companies to offer third-party payments services.
Taiwan Mobile has launched a pilot program for NFC technology-based wireless payment services earlier in August 2013 in collaboration with Taipei Fubon Bank, under which, users could make payments with a swipe of their NFC-enabled smartphones at about 25,000 retail stores with point-of-sale readers.
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By GlobalData
