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Visa Rolling Out 'Verified By Visa' In Taiwan

Three leading Visa member banks in Taiwan, Chinatrust Commercial Bank, Taishin Commercial Bank and NCCC, will offer 'Verified by Visa' cardholder authentication for online payments by year's end. The first will be NCCC (National Credit Card Center), in September 2002, with Chinatrust and Taishin soon after, in December 2002. The VbyV service will not be available to merchants until April 2003, but Visa expects the backing of these banks to catalyze its uptake. Online sales in Taiwan exceeded NT 9 billion in 2001, and are predicted to reach NT 37.8 billion by 2004, according to the Ministry of Economic Affairs.

Eighty-eight percent of consumers in Australia, Hong Kong, Japan, Korea, Singapore and Taiwan to welcome the Verified by Visa service, according to Asia Market Intelligence. To this end, Visa's Mark Burbidge is confident that VbyV "will become the new standard within the next three years". Chinatrust, Taiwan's largest card issuer, has signed 1,000 Visa cardholders and 10 merchants to its VbV program, but its SVP, Michael Chang, expects these figures to increase by end-2002. Taishin, Taiwan second card issuer, expects over 10 merchants and 50,000 cardholders to participate in its launch in October 2002.

NCCC merchants can expect to avail of Verified by Visa from early next year, according to an EVP, Margaret Yin, who predicts 20 large-scale merchants to use the service by April 2003. More than 25 Visa member institutions, representing over 60 per cent of the market share in Asia-Pacific are expected to roll out Verified by Visa this year. Visa is already deploying multi-function EMV cards in Taiwan, where fraud was a major incentive for migrating to chip cards. Taiwan, whose fraud levels "are still high compared to elsewhere in the region", Visa reports, is seen as the most active adopter of EMV in the next two years. Related Links
Visa Pushing Multi-App Cards In Asia-Pacific
Asia's EMV Move Is A 'Cat-And-Mouse Game'
Malaysia's Banks To Cut Fraud With EMV

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