Taiwanese banking regulators, as expected, have approved the first bank to issue mobile credit cards that could be downloaded over the air to SIM cards.
The Financial Supervisory Commission today approved Cathay United Bank’s application to introduce NFC-enabled mobile payment on SIM cards for use with the trusted service management service of Taiwan’s largest mobile operator, Chunghwa Telecom. The initial approval is only for a six-month trial with up to 1,000 employees of the bank and telco. But the service could be expanded to regular customers after that, provided there are no significant security problems.
Approvals for three other banks, Chinatrust Commercial Bank, Taishin International Bank and E.Sun Commercial Bank are expected later this month and all four banks are expected to announce plans for NFC service with Chunghwa Telecom in late May.