Heads up: HTC Corp. will announce a partnership in mobile payments with Cathay United Bank, EasyCard Corp. and MasterCard International to launch a co-branded card.
The PayPass card will become Taiwan’s first innovation to integrate the functions of a credit card and an EasyCard into a micro-sized memory card, enabling mobile payments when it is inserted into the “HTC Incredible E” smartphone which supports Near Field Communication (NFC)-enabled phones that support contact-less payments.
The market demand for these phones in Taiwan is expected to reach 100,000 units this year as local carriers plan to promote the technology by building a standardized Internet environment.
However, already there is a glitch as Taiwan’s financial service companies and banks have not yet established a mechanism that allows users to make mobile payments in different regions around the country. As a result, HTC has urged Taiwan’s government to develop a mobile payment platform by launching mobile banking services in some state-owned banks, which will set an example for the private sector.
According to tech research firm Gartner Inc., the number of mobile payment users will reach 212.2 million in 2012, up 32.2% from 160.5 million in 2011, with Asia-Pacific topping all regions in the number of users, followed by Africa.
What is interesting is how HTC has approached the issue where banks are fragmented. They took a common denominator being the Government owned banks and using them as a standard. The rest will have to follow suit.
As we know, if you want to look into the future and see what is coming, you don’t need to time-travel but just keen an eye on the far east. Anything adopted there by the masses makes its way around the world.