Taiwan to push third-party payment services: Cabinet
Central News Agency
2013-07-19 11:27 PM
Taipei, July 19 (CNA) The Executive Yuan vowed on Friday to move forward on developing third party payment services with stored value cards after Taiwan's financial regulator reportedly expressed its opposition to the idea a day earlier. The Cabinet said it has made facilitating the development of third-party payment services and the e-commerce industry one of its important tasks and will set up a complete management mechanism that will benefit the sector's development. Part of that will involve promoting cooperation between online payment providers and banks to provide such services, the Cabinet said in a statement. At a meeting Thursday attended by representatives from the Cabinet, the Ministry of Economic Affairs (MOEA) and the Financial Supervisory Commission (FSC), the FSC reportedly prevented a consensus from being reached on the issue.

The Cabinet contended, however, that there was less discord than portrayed in the media.

It said the representatives of all the agencies at the meeting agreed with a proposal by the FSC on a plan that would pave the way for stored value payment accounts. Minister without Portfolio Simon Chang then asked the FSC to devise rules and related measures to promote cooperation between banks and Internet third-party payment operators to roll out such services in the near future. The MOEA also proposed a set of regulations on the management of third-party payment services that sparked discussion leading to the clarification of legal issues, the Cabinet said. The agencies decided to hold another meeting in two weeks after Chang asked the MOEA and the FSC to further study certain key issues, the statement said. Meanwhile, Chan Hung-chih, the chairman of PChome Online and PChomestore Inc., blasted the FSC for not being willing to allow third-party payment services using stored value accounts in Taiwan, in defiance of international trends. He complained that it has been 15 years already since third-party payment tool PayPal was launched in the United States. (By Hsieh Chia-chen and Y.L. Kao)

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