Taiwan’s banks are taking another step towards creating a cashless society and partnering with mobile payments provider Mozido to adopt its HCE technology.
The 14 banks signing up to allow their customers to use the company’s mobile wallet capabilities are part of the Taiwan Mobile Payment Co (TWMP) consortium. The remaining 12 banks will launch the service later in the year.
Mozido’s HCE solution provides mobile wallet capacity for hardware and software-based NFC phones. The TWMP’s adoption represents one of the first major implementations of the technology.
The company’s platform is intended to allow the 2bn people globally who have a mobile phone but no bank account to use its mobile wallet that includes reward scheme and engagement features for businesses.
Made up of 26 banks, the TWMP was formed to develop a nation-wide payments initiative that can help drive Taiwan towards a cashless society.
The consortium’s president Wei-Jong Pan highlighted Mozido’s ability to integrate payments technology into existing apps as key in its decision to partner with the Austin, Texas-based startup.
Mozido has raised $307m in total funding with MasterCard, Tiger Management and Wellington Management, among its investors.
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