Visa has extended its Debit card positions in Taiwan with the launch of two new Visa Debit card programs in the first week of December.
Following the launch of the new programs from Cosmos Bank and the Bank of Taiwan there are now 15 issuers of Visa Debit in Taiwan. Visa Debit was launched in Taiwan in 2000.
Visa Debit is a card linked directly to the cardholders own account. Purchases and ATM withdrawals are deducted directly from the cardholders nominated bank account using Visas global acceptance network. Visa Debit provides cardholders with the control and convenience of a buy now, pay now facility.
Visa has been working with issuers in Taiwan to provide different payment options to meet the ever changing demands of consumers, says Marco Ma, country manager of Visa Taiwan. Visa Debit provides an ideal payment option for people who want to enjoy the acceptance benefits of Visas global network of 29 million merchants and 1.4 million ATMs but also want to have a card that is linked directly to a transaction account.
Cosmos Banks George and Mary Visa Debit Card is the first payment card in Taiwan that combines the functions of Visa Debit card with a cash card that provides cardholders the ability to withdraw cash from ATMs or make card payments at the point of sale using preset spending limits. The card gives cardholders a more flexible and effective tool to access funds and manage spending on a single card. Cosmos Bank has pioneered the concept of a cash card in Taiwan and provides customers the convenience of being able to apply for this card at more than a hundred sales kiosks island-wide.
The Bank of Taiwan is one of the oldest and largest banks in Taiwan1. The Bank of Taiwans new Visa Debit Smart Card aims to help consumers to manage their expenses better so that they do not exceed the amount in their savings account. The launch of the Visa debit card supports the banks renewed focus to provide convenient and appealing services to its younger customers. The Bank of Taiwan Visa debit card will provide cardholders with a 0.5% cash rebate on purchases.
Visa and National Petroleum Corporation are working together to offer attractive gasoline discounts to all Visa Debit cardholders in Taiwan. Every Monday from 1 December 2008 to 28 February 2009, Visa Debit cardholders will enjoy a NT$3.1 discount (approximately 14% off at current prices) for every liter of gasoline purchased using a Visa Debit card.
As at 30 June 2008, there were a total of 1.6 billion Visa cards worldwide. Among them, 847 million were Visa Debit cards, representing more than 51% of Visas total cards. In terms of transaction volume, Visa Debit also accounted for more than 52% of Visas transaction total.
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