The company can also be focusing on B2B and cross-border remittance, as Taiwan’s export-oriented market offers enormous opportunities
From Kao Shih-ching / Staff reporter
Visa Taiwan Co (台灣威士卡) will concentrate on growing business-to-business (B2B) payment, cross-border payment, and collaborations with local start-ups and fintech companies in another three decades, general director Michelle Jao (趙麗芳) told a news conference in Taipei yesterday.
Visa Taiwan on Saturday formed a venture with GoShare, Gogoro Inc’s (睿能創意) electrical scooter sharing agency, and intends to operate with more fintech companies so its cards might be approved at additional platforms, Jao said.
Visa has gained from its alliance with roughly 20 fintech businesses from the Asia-Pacific area in the previous couple of decades, using new credit card balances rising by 1 billion along with its associate retailers increasing by 65 million, Jao said.
Though the firm has cooperated with large scale Chinese fintech companies for example Alipay.com Co (支付寶), Visa Taiwan would search greater neighborhood start-ups with great possibility, as they’d probably develop an international ecosystem, Jao said.
Visa Taiwan would put up its fintech accelerator to nurture start-ups which could introduce new alternatives, particularly those focusing on cross-border remittance, cybersecurity, identity authentication, client loyalty and B2B obligations, Jao said.
The business is focusing on B2B cross-border and payment remittance since Taiwan is an export-oriented market, ” she said, including that using all the nation’s exports and exports at over US$610 billion annually, business chances would be enormous if some businesses were to embrace Visa’s payment alternatives.
The firm would also work together with the nation’s three virtual monies, that are expected to start operating at the end of the year, she explained.
Visa Taiwan is negotiating with the Financial Supervisory Commission and the Bankers Association to launch its support — Visa B2B Join, a non-card-based payment system that permits easy bank-to-bank cross-border small business trades, Jao said.
The compact cross-border payment service was launched in roughly 10 businesses from the Asia-Pacific area, she added.
“As the innovative service is based on blockchain technology, we need to communicate with the regulator and the banks more, but overall, they are supportive and expect the technology to offer more convenience,” Jao said.
The COVID-19 pandemic has sped up electronic payment adoption in Taiwan, together with online payments rising 16 percent , ” she added.
Visa would enlarge its network and employ its capacities around all payment flows, getting one point of connection to assist consumers, governments and businesses to transfer money safely and efficiently, she said.
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