Bank of Taiwan (BOT) is set to introduce a new third-party payment service for its online banking customers in 2014, following the approval from the Financial Supervisory Commission to receive and make online payments.
The new service will benefit over 2.5 million internet banking customers and will attract more customers, claims the bank.
The third-party payment services in Taiwan have been growing ever since the clarification by the Cabinet to consider the service under the existing legal framework.
The third-party payment service was first offered by E.Sun Bank in September 2013 in collaboration with AllPay Financial Information Service, a subsidiary of online games firm MicroWell OMG Digital Entertainment.
It was followed by Bank SinoPac, which introduced a new service Fun Cashier that targets small and medium businesses.
In addition to E.Sun Bank and Bank SinoPac, the third-party payment services were also offered by CTBC Bank, First Bank and Chunghwa Post.