Taiwanese banks to roll out hybrid HCE payments platform

Taiwan Mobile Payments Co (TWMP), the mobile payments TSM venture established in 2014 by three Taiwanese banking groups, has signed a deal with Mozido to provide its 27 member banks and financial institutions with a mobile wallet platform that offers support for both secure element and HCE cloud-based NFC payments.

Mozido logo“Mozido’s HCE solution will provide a hybrid mobile wallet capability for TWMP that supports both existing consumers using hardware secure element-based NFC phones, and consumers using HCE cloud-based NFC phones,” Mozido says. The company will also provide TWMP with tokenization and de-tokenization services.

“We chose Mozido because they’re the only company that offers the flexibility and customization we need as a joint venture representing dozens of banks across the nation,” says Wei-Jong Pan, president of Taiwan Mobile Payment Co.

“Mozido’s demonstrated strength in mobile wallet platforms and as a trusted services manager, along with its ability to combine payments technologies into existing applications, makes them the best partner for us in our endeavor to bring faster and easier mobile payments to banking consumers.”

“One of the things they found attractive in working with us was the ability to work in both environments, in both modes,” Charlie Wiggs, president of Mozido CorFire, told NFC World in an interview at Money20/20. “For the banks, it’s an opportunity to put their brand in front of their consumers and enable their mobile banking applications to now do payments from the cards that the bank issues. That’s the value add for the banks who are customers of TWMP.

“All 27 banks won’t launch all at once. They will launch three or four banks, make sure they fill out their learnings, make sure they understand how the product works, the consumer adoption and receptivity and they will move it into the other banks. They’re very excited about the project.”

Broader acceptance

“We actually have quite a few banks in the US that have expressed interest and we’re pretty far down the discussion path with a few, and in Europe as well,” Wiggs continued. “We’re seeing broader acceptance than we thought.

“We think the timing is right, coming on the heels of Apple Pay and Samsung Pay. I think the banks see that rising awareness and they see everybody developing relationships with their consumers with the cards they issue. I think the banks are eager to get into the space and we’re seeing strong demand. We think we will have, pretty much every quarter in 2016, an announcement of a new customer.”

“I have been travelling a lot to Asia,” Minaz Sarangi, Mozido’s head of global delivery of products, added. “What I’m hearing from them is that the timing is now because, if they wait, they can see Visa, MasterCard as well as a lot of technology companies taking the consumer away. We want to bring them in and make sure the banks and financial institutions can get up and running.”

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