Traveling to Korea? Use Taiwan Pay and Enjoy 15% Cashback! On January 31, Hsieh Chuan-chuan, Chairperson of the Land Bank of Taiwan (Land Bank), accompanied by representatives from Financial Information Service Co., Ltd. (FISC), along with several state-owned banks and regulatory authorities, traveled to Korea to attend the "TWQR (QR Code Universal Payment Standard) Korea Launch Press Conference." Coinciding with this event, a cashback promotion was launched, offering individuals the opportunity to receive up to 15% cashback when utilizing Taiwan Pay/Land Bank Mobile Pay for QR code transactions at 30,000 participating merchants in Korea. This promotion is valid from now until April 30th.
To promote the adoption of mobile payments on a national scale through a "Mobile Payment National Team," Taiwan has brought together key stakeholders such as the Central Bank, Ministry of Finance, BAROC, FISC, and state-owned banks, including the Land Bank of Taiwan. The team has partnered with the Korean company BC Card to introduce TWQR in Korea. This historic collaboration represents the first time Taiwan's domestic payment system has been introduced in Korea. On January 31, a delegation made up of Chairperson Hsieh Chuan-chuan of the Land Bank, along with Paul C. D. Lei, Chairperson of BAROC, Lin Kuo-liang, Chairperson of FISC, Liu Su-chu, representative from the Central Bank, and Wang Su-ying from the National Treasury Administration, Ministry of Finance, as well as representatives from various state-owned banks attended the "TWQR Korea Launch Press Conference" in Korea. This event celebrated the entry of TWQR into the Korean market.
In celebration of TWQR's launch in Korea, Land Bank, in collaboration with various state-owned banks, is introducing attractive cashback promotions. From January 31 to April 30, 2024, travelers visiting Korea can take advantage of cashback benefits by simply using Taiwan Pay/Land Bank Mobile Pay to complete QR code payment transactions at designated local stores in Korea (including convenience stores or duty-free shops, among 30,000 Taiwan Pay partner merchants). By taking advantage of this promotion, users can enjoy "2% cashback for international QR code shopping transactions" and "up to 13% cashback when shopping at designated overseas merchants," allowing for a total potential cashback of up to 15%.
In alignment with the national agenda of inclusive finance and mobile payment initiatives, the Land Bank has adopted three key strategies. Firstly, by leveraging its extensive network of 150 branches and headquarters nationwide, the bank actively promotes the adoption of Taiwan Pay across various domestic consumption, transportation, and bill payment channels. This concerted effort not only facilitates the widespread use of electronic financial services but also fosters the growth of Land Bank’s personal banking product and service offerings. Furthermore, in collaboration with FISC and other state-owned banks, the Land Bank introduced the TWQR payment barcode in 2023. This initiative effectively consolidates various QR code scanning payment methods. As a result of these efforts, the Land Bank was honored with the Cross-Border Service Innovation Award from FISC in 2023. Thirdly, as part of the "mobile payment national team," the Land Bank has successfully promoted TWQR to overseas regions. The service is currently available in Japan and Korea, and is expected to expand to more channels and services in the future to meet consumer demands, thereby manifesting the principle of inclusive finance.
Since assuming office, the Land Bank Chairperson Hsieh Chuan-chuan, has prioritized "digitalization of operations" as one of the bank’s key strategic objectives. Under this initiative, six major pillars have been established, including digital financial services, digital payments, artificial intelligence applications, big data analytics, cross-industry collaboration, and digital talent development. Through these efforts, the Land Bank has created local digital financial brands such as "Land Bank Mobile Pay" and "Land Bank Mobile Banking."
To continuously strive for excellence and meeting customers' demands for digitalization and convenience, the Land Bank has proactively embraced the national initiative for mobile payments by promoting Taiwan Pay and TWQR. These efforts are geared towards reducing the carbon footprint linked to consumer transactions while fostering a “three good” ecological chain wherein good environmental sustainability, sound industry development, and the Land Bank’s role as a financial institution coexist and prosper harmoniously.
Contact: Wang Hui-chen
Tel: 02-2348-3870
