Taishin International Bank, DBS Bank Taiwan, and King's Town Bank are working with social enterprise DOMI Earth to promote electronic bills, planning to use the money saved to help those in need.
Taishin Bank, the banking arm of Taishin Financial Holding Co, has 6 million credit card clients, Taishin Bank senior vice president Cres Huang told a news conference in Taipei yesterday.
About 1 million of them receive electronic bills, he said.
Although some people think that only younger clients prefer electronic bills, many credit card holders in their 50s receive digital bills, as this saves them trouble recycling the papers, he said.
“Users must feel comfortable with the bank's digital tools. Otherwise, they would not be willing to change,” he said.
The bank could save NT$960,000 (US$33,761) per year if 10,000 cardholders who receive paper bills opted for digital bills, he said.
Some of the money saved due to phasing out paper bills, which cost the bank NT$8 per cardholder per month, would be allocated to a project with DOMI Earth to help poor families who struggle to pay utility fees, Huang said.
The project would support them by installing energy-efficient light bulbs and home appliances, which would help them reduce fixed costs, he said.
King's Town Bank spokesman You Qi-wei said that the bank is conducting a similar project.
DBS Bank Taiwan head of digital banking Happy Ho said that 60 percent of the bank's clients receive electronic bills, adding that this share would likely rise this year.
The three banks have suggested that the Financial Supervisory Commission amend financial regulations to accelerate the transition to paperless banking, the three bank representatives said.
“We must offer paper bills unless customers opt out of the service. That is not helpful for the paperless transition,” they said.
Many people have concerns about plastic straws' impact on the environment, but carbon emissions due to banks' bills are even higher than those of plastic straws, DOMI Earth founder Tammy Hu said.
About 70 million sets of paper bills are produced in Taiwan every month, Hu said, adding that they are sent from banks, telecoms, Taiwan Power Co, Taiwan Water Corp and gas companies.
Over a year, that accumulates to 900 million bills, Hu said, adding that about 70 percent of credit card users receive paper bills.
“Paper bills are an environmental issue Taiwan needs to work on,” he said.
Reprinted from the Taipei Times.
Frequently asked questions
- Which banks are partnering with DOMI Earth to phase out paper bills?
- Taishin International Bank, DBS Bank Taiwan, and King's Town Bank are all working with DOMI Earth to promote electronic bills and redirect the resulting savings toward helping families in need.
- How is the money saved from paper bills being used?
- Part of the savings funds a project with DOMI Earth that helps poor families who struggle to pay utility fees, by installing energy-efficient light bulbs and home appliances to reduce their fixed costs.
- How big is the paper-bill problem in Taiwan?
- According to DOMI Earth founder Tammy Hu, about 70 million sets of paper bills are produced in Taiwan every month — roughly 900 million a year — sent by banks, telecoms, the power and water utilities, and gas companies, with carbon emissions higher than those of plastic straws.