UK banks hold sufficient capital to cope with no-Brexit and Trump trade war, BoE says 

Hitachi commences sale of $5.6 billion chemical unit 

Cybersecurity firm McAfee’s IPO could raise at least $1 billion: Reports 

Hitec Vision, Oman’s Petrogras to acquire Total’s British North Sea oilfields for $635 million

TOP STORIES

Taipei Fubon’s LuckyPay simplifies mobile payments in Taiwan

Taipei Fubon LuckyPay

LuckyPay allows customers to link credit cards to their accounts in addition to Taipei Fubon bank accounts

LuckyPay, a payment service built on Taipei Fubon’s mobile banking system, helps customers use the service without downloading an additional app. The service primarily differs from other mobile payment services in the market by linking credit cards. 

Taipei Fubon’s LuckyPay allows users to link credit cards to their respective bank accounts in addition to Fubon accounts. Customers can use their mobile bank to scan or display a QR code and input a password. As an alternative, they can also use fingerprint scanners or Face IDs to complete their payment.

A MIC study conducted by the Institute for Information Industry in 2017 showed that nearly 40 percent of smartphone users in Taiwan have used mobile payment services. These types of users have expanded to middle and older age groups, showing continuous growth. 

The bank identified this trend and focused on the pain points of users to release LuckyPay in July 6 2018. Internal testing began within the group and the service is now being promoted to all its customers.

The use scenarios after the LuckyPay launch were limited to traditional delicacies, restaurants, and renowned beverage stores in Taipei’s  “Lane 216”.  The service expanded in November last year to include 2 major convenience store chains with 4,840 locations across Taipei, and central, and southern Taiwan.

The bank also introduced Fubon Insurance for insurance payments. In a span of two months, the service received nearly NTD 5 billion in payments, breaking all mobile payment transaction records in Taiwan. 

Furthermore, it jointly supported QR codes developed by the Financial Information Service for Taiwan Pay so that LuckyPay users can use ‘account QR code payments’ at Taiwan Pay’s participating stores.

LuckyPay’s user friendly features have allowed it to become successful in a short time period. Spending continues to grow daily and its future plans is focused on two main directions. Firstly the service expansion is to encompass everyday spending. In addition to Lane 216 in Taipei users can pay, credit card bills, insurance fees and tuition fees for public schools in Taipei through LuckyPay. In the future, all LuckyPay services  will include convenience stores, supermarkets, retail chains, taxi services, department stores and 3C electronics retailers . 

That said, LuckyPay will aggressively participate in open QR code payment ecosystems to expand its usage scenarios. It plans to support the open global standard QR code of EMVco so that in the future, LuckyPay users can use “credit card QR code payment” at stores labeled with EMVco credit card QR codes. LuckyPay aims to build a daily payment ecosystem for all its customers.

Taipei Fubon Bank has a long-term vision of providing financial services of different models. It aims to understand customer behaviour models and explore how financial services can integrate into the lives of modern citizens. Taipei Fubon Bank believes that mobile payment represents the lifestyle of the new generation as well as being the key to economic transformation. The release of LuckyPay this year will continue to improve user experience in mobile banking with the hope to create financial experiences based on the principle of ‘life is finance, finance is life!’.

Leave a Comment