Bank of Taiwan Payment Gateway Seizes Third-Party Payment Market

(Taiwan TB News Network / Reporter Chen Nianzu) To embrace the global e-commerce wave, Bank of Taiwan, in its constant pursuit of innovation and with the mission of providing more comprehensive services, has officially launched its online transaction collection and payment (third-party electronic payment) service platform — "Bank of Taiwan Payment Gateway," which has a very distinctive brand image.

Bank of Taiwan stated that the launch of this service features two industry-leading innovations. The first is the integration of the mechanism for applying for membership using our country's Citizen Digital Certificate; the second is the use of the innovative "AOTP" real-time account payment mechanism. These are the two highlights of the "Bank of Taiwan Payment Gateway."

The "Bank of Taiwan Payment Gateway" adopts a membership system. Both buyer and seller members must undergo the bank's rigorous real-name verification. In addition to the usual SMS and email callback verification, its greatest feature is the use of the Citizen Digital Certificate as a verification tool, which can significantly increase the transaction limit for buyer members. The "Bank of Taiwan Payment Gateway" extends the service of the Citizen Digital Certificate to banking use, not only leading other peer banks but also further expanding the scope of use of the Citizen Digital Certificate, in line with the e-government policy.

Secondly, the "Bank of Taiwan Payment Gateway" adopts a new payment technology, "AOTP," at the time of payment, allowing consumers to complete real-time debit verification through the active callback mechanism of a short code via SMS, without the need for troublesome payment procedures such as using a debit card, credit card, or inserting a chip card into a card reader to make payment.

The Electronic Payment Institution Act (the special law on third-party payment) and related subsidiary regulations were officially implemented on May 3. With a complete legal basis, it opens up collection and payment for substantive transactions, stored-value services, fund transfers between accounts without substantive transactions, and online-to-offline (O2O, Online to Offline) and other transactions. It is the guardian of new online transaction models and an important basis for promoting the mature development of the e-commerce industry. It also symbolizes that Taiwan's e-commerce has entered a new milestone.

Bank of Taiwan Chairman Lee Chi-chu pointed out that Bank of Taiwan is the leader in the domestic financial sector. The launch of the "Bank of Taiwan Payment Gateway" - an online transaction collection and payment platform - provides the service of "collecting and paying funds for substantive transactions," with the hope of offering individuals and businesses a safer and more reliable online transaction environment. By setting up a link, it can be used on personal webpages or blogs, making it convenient and thoughtful.

Bank of Taiwan Chairman Lee Chi-chu stated that the bank has long provided customers with high-quality financial services under the principle of "a century-old institution with outstanding credit and steady, solid service." The bank's online banking service is immediate, complete, and reliable, and its customer base has surpassed 2.8 million households. The bank will use its online banking customers as the foundation for the "Bank of Taiwan Payment Gateway," and this will become the bank's first step into e-commerce. At the same time, in the future it will uphold the principle of "continuous innovation, steady and solid" to expand the scope of e-commerce services, thereby giving back to customers for their long-standing support and care for the bank.