Taiwan to Launch New Functions on Mobile ATM Cards

Taiwan to Launch New Functions on Mobile ATM Cards
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What you need to know

A mobile ATM card is installing the physical card inside a phone. As long as you have a 4G Internet-enabled smart phone, you can install the T Wallet App designed by TWMP (Taiwan Mobile Payment Corporation). Then you just need to choose an ATM card of any bank over the air to initiate the mobile ATM card on the phone.

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Taiwanese people will be able to use their smart phones to withdraw money from ATMs without a debit card as soon as the beginning of next year.

RTI reports, Pan Wei-zhong, general manager of Taiwan Mobile Payment Corporation (TWMP), says that so far 15 banks have launched mobile ATM cards for consumers to transfer money or pay bills. Other functions, including withdrawal and filing taxes, will be added as soon as the first quarter of next year.

UDN reports, a mobile ATM card is installing the physical card inside a phone. As long as you have a 4G Internet-enabled smart phone, you can install the T Wallet App designed by TWMP. Then you just need to choose an ATM card of any bank over the air to initiate the mobile ATM card on the phone.

Pan says, as soon as early next year, people just need to take the built-in mobile ATM card to the ATM to withdraw money. You just need to follow the instructions on the screen and choose the “withdraw via phone" option, enter your phone number, bank transaction verification code, withdrawal amount and the password of your card. That is to say, as long as you have a phone, you can withdraw money without a card in hand.

Liberty Times reports, TWMP is speeding up the testing of the new mobile ATM card function. Finance companies will also cooperate and modify their ATM programs. The new withdrawal function is expected to officially launch as soon as the first quarter of next year.

Translated by June
Edited by Olivia Yang

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