New mobile payments service set for launch in Taiwan

Mobile payments platform

Mobile payments are making strong progress in Taiwan

Mobile payments are making strong progress around the world, especially as major organizations become more involved in this emerging sector. In Taiwan, the country’s third-largest telecommunications company has ambitious plans for mobile payments. Far EasTone Telecommunications has announced the launch of a new mobile payments pilot project that seeks to leverage the capabilities of NFC technology to enable consumers to purchase goods and services from their mobile devices. The company has set the launch for the project during the second half of this year.

Far EasTone announces new mobile payments service

Taiwan is home to a burgeoning mobile commerce sector. More consumers are finding it easier to get their hands on smartphones and tablets. This is exposing them more heavily to the concept of mobile payments and consumers have been showing their favor for this new form of commerce. Far EasTone has taken note of the rising popularity of mobile payments among consumers and has set out to establish its own platform that will offer consumers comprehensive and secure services.

Mobile paymentsService to be based on NFC technology

The mobile payments service being developed by Far EasTone is based on NFC technology. The technology allows data to be transmitted over short distances and has served as a basis for mobile commerce for the past several years.  The first phase of the company’s new pilot project will begin in the third quarter of 2013 and will see the telecommunications company team with the Far Eastern International Bank as well as MasterCard. The second phase of the project will launch in the fourth quarter and will be focused on local banks throughout Taiwan that are interested in providing consumers with mobile commerce services.

Taiwan may emerge as prominent mobile commerce market

Mobile payments have made significant progress in Taiwan due to the willingness of consumers to try something new. Taiwanese businesses have also played a major role in the growth of mobile commerce as they continue to work to engage consumers in a more dynamic way. Taiwan is expected to emerge as a major mobile commerce market in the near future.

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