MasterCard Announces the Full Scale Roll-Out of the Internationally Recognized TaiwanMoney Card

MasterCard Worldwide in collaboration Kaohsiung City Government today announced the official launch of the Kaohsiung City Government (KCG) transportation payment solution, known as the TaiwanMoney Card.

Also recognised as the world’s first MasterCard OneSmart™ PayPass™ Chip Combi Card, the introduction of the TaiwanMoney Card marks a significant milestone in the payments industry. The all-in-one globally interoperable payment product allows cardholders to make “Tap & Go™” contactless payments at over 51,000 merchant locations worldwide.

The system, which includes the innovative contactless payment solution - MasterCard PayPass has revolutionized the way commuters pay for their transportation in Southern Taiwan. Following its pilot launch on 19 October, 2005, the TaiwanMoney Card rapidly gained popularity in Southern Taiwan. According to a Kaohsiung City Government transaction report, the TaiwanMoney Card recorded substantial increases in the number of transactions within the first quarter of this year when compared the last quarter of 2006. The strong growth demonstrates the success of the program, which was created to provide consumers in seven cities and magistrates in Southern Taiwan with a secure and convenient payments product.

“On behalf of seven cities and magistrates in Southern Taiwan, Kaohsiung City is pleased to be the official project owner of this internationally recognized transportation project,” said Cheng Wen-lung, Deputy Mayor of Kaohsiung City Government. “As we gear up for the 2009 World Games, we are delighted to have the payments system in place in order to provide local and international MasterCard cardholders with the ease and convenience of the payments system. We are pleased to have implemented the TaiwanMoney Card program, which has played a significant role to the development of the city as a world-class payments environment.”

“Taiwan has been at the forefront in the development of contactless payment solutions in Asia/Pacific. Since the introduction of the program in 2005, we have introduced the world’s first contactless 3D key chain and watch equipped with MasterCard PayPass. More recently we announced the launch of the MasterCard PayPass for mobile phones, which leveraged Near Field Communication (NFC) and Over-The-Air (OTA) technology" said Shuan Ghaidan, head of product sales and delivery, Asia/Pacific, MasterCard Worldwide. “The TaiwanMoney Card won the ’Best Transportation Application’ at 2005 SESAMES Awards in CARTES Exhibition and Conferences for its simplicity and innovation. We are therefore delighted to be a part of this innovative project, which was spearheaded by the Kaohsiung City Government together with industry players. It gives me great pleasure to stand here today with all parties involved to celebrate the full scale roll-out of this integrated card program.”

* Consumers who wish to apply for a TaiwanMoney Card or top it up may do so at Cathay United Bank or E. Sun Bank. In line with the launch, cardholders will stand to benefit from the following.
* From 1 June 2007 the first 2,007 consumers who register themselves at www.taiwanmoney.coml.tw will be entitled to a NTD100 fee waiver for the TaiwanMoney Card.
Until 30 June 30, 2007, cardholders who pay with their MasterCard credit cards issued by Cathay United Bank, E. Sun Bank or Shanghai Commercial & Savings Bank at Hi-Life Convenience Stores will be entitled to a free bottle of tea.

Term and conditions apply to both promotions. For more promotion details, please log on to www.taiwanmoney.com.tw