2017-07-03
Amendment of Rules Governing Administration of Electronic Payment Business
The main points of the proposed amendments to the Rules Governing the Administration of Electronic Payment Business as drafted by the Financial Supervisory Commission (“FSC”) are as follow:
1. Funds can be transferred between e-payment accounts and electronic stored value cards of the same electronic payment institutions.
2. An electronic payment institution can accept a deposit of funds by a user via a credit card in certain conditions. The upper limit on the amount of a deposit of funds will be negotiated by the card issuer and electronic payment institution. The FSC emphasized that stored funds can only pay for internet purchases and real transactions as an agent. However, stored funds cannot be withdrawn or transferred between e-payment accounts. In addition, a relevant notice must be indicated on the web page each time the user deposits funds by credit card.
This new amendment may become effective as soon as August of this year.
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