The five telecoms, comprised of Chunghwa Telecom, Taiwan Mobile, Far EasTone, Asia Pacific Telecom and Taiwan Star Cellular, are set to collaborate with contactless smartcard payment company EasyCard to establish a trusted service management (TSM) platform that will ensure the security of NFC-enabled mobile transactions and payments.
As a result, a subsidiary company has been formed. Taiwan’s telecoms carrier and the EasyCard will each hold a 10 % stake on the subsidiary, with the rest to be held by banks and other financial institutions.
According to the subsidiary company, at 25 % Taiwan is lagging markedly in mobile payment adoption relative to neighbouring Singapore’s 53 %, China’s 55 %, and Hong Kong’s 65 % utilization rate. The company is set to increase Taiwan’s adoption rate to about 50 % within five years’ time following the establishment of the TSM-secured NFC mobile payment platform.
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