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June 26, 2017

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Cabinet to relax restrictions on 020 e-commerce payment

TAIPEI, Taiwan -- A Cabinet meeting on Tuesday reached a consensus about loosening restrictions over online to offline electronic commerce (O2O e-commerce), a new business that domestic 3rd-party internet payment service providers have been looking forward to.

A cross-agency meeting of the Executive Yuan on the special law pertaining to 3rd-party internet payment was held yesterday. Ministers without portfolio, including Chang San-cheng, Schive Chi and Tsai Yu-ling, revealed the information mentioned above.

Chang San-cheng said that yesterday's meeting lined up officials of other agencies such as the Central Bank and the Financial Supervisory Commission. Eventually the cross-agency meeting concurred that the special law for 3rd-party internet payment services adopts a loose standard when it comes to the transaction behavior of O2O e-commerce.

According to Chang, O2O ecommerce is a means to attract users online and direct them to offline physical stores.

Although some people would argue that the principal of targeting people online and bringing them offline is nothing new, the inclusion of online payment is what makes the scalability and revenue model really powerful, Chang said.

Chang added that over the last few years, the influence of smartphones, tablets and other mobile terminals has grown and O2O finally has closed the loop to create O2O e-commerce mechanisms

A typical O2O commerce model includes online download access to e-vouchers, e-coupons and e-tickets, offline verification or redemption. Also, consumers can acquire product information by scanning a QR code from an offline physical store and paying on-the-spot or in a later stage via mobile online payment.

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