All Win launches electronic wallet service with FamilyMart
By Kao Shih-ching / Staff Reporter
All Win Co Ltd (全盈支付) yesterday launched its electronic payment service, the first managed by a chain of convenience stores in Taiwan.
Taiwan FamilyMart Co (全家便利商店), the country’s second largest convenience store chain with 4,000 stores nationwide, is a major shareholder in All Win.
The new electronic payment firm expects to attract at least 1.5 million users by the end of the year, All Win president Liu Mei-lin (劉美玲) said at a news conference in Taipei.
The service gives users one reward point for every dollar spent at FamilyMart stores, Liu said.
Users can redeem points at FamilyMart stores or their distribution partners, such as Watson’s Personal Care Stores (Taiwan) Co Ltd (台灣屈臣氏), PChome Online Inc (網路家庭), M-Taxi Co Ltd (大都會衛星車隊), Ikari Coffee (怡客咖啡) and various restaurants, he said.
All Win plans to integrate 10,000 physical and digital stores into its service, it added.
Regarding how the electronic payment service would outperform a similar service offered by President Chain Store Corp (統一超商), the country’s largest convenience store operator, Liu said All Win would focus on collaborating with retailers in different sectors to expand its consumer base. .
“President Chain focuses on vertical integration, including its affiliates, units of Uni-President Enterprises Corp (統一企業), in its electronic wallet service. By comparison, we would focus on horizontal alliances by partnering with different companies in multiple sectors,” Liu said.
All Win believes an open platform would help attract customers, he said.
That is also the reason why All Win’s electronic payment service would accept credit cards from all local banks, while other electronic payment services are restricted to credit cards from certain banks, Liu said.
Although E.Sun Commercial Bank (玉山銀行) is the company’s second largest shareholder with an 18 percent stake, All Win would allow users to link their credit cards regardless of the issuing bank, as people already have their own credit card preference. Liu said.
It would also differentiate its service with microfinance products, such as online loans provided by E.Sun Bank and a “buy now, pay later” program offered by NP Taiwan Inc (恩沛).
It would also allow users to add cash to their accounts at FamilyMart stores, so those without credit cards or those who don’t want to link their bank accounts to the service can still use it, the company said.
Liu was previously a vice president of E.Sun Bank, but resigned when she joined All Win to comply with the regulations of the Financial Supervision Commission.
Neither Liu nor All Win president Hsueh Dong-du (薛東都), who is also president of FamilyMart, said when they expect All Win to turn a profit, saying the company would prioritize optimizing its service.
Comments will be moderated. Keep comments relevant to the article. Comments containing abusive and obscene language, personal attacks of any kind, or promotion will be removed and the user will be banned. The final decision will be left to the discretion of the Taipei Times.