According to the Survey of Mobile Payment Services in Taiwan conducted by MIC (Market Intelligence & Consulting Institute), an ICT research institute based in Taipei, mobile payment penetration increased to 19% in 2015 from 4.8% in 2014, seeing a four-fold growth over the past year. Over 60% of the users in the survey said they were satisfied with the payment experience. Moreover, the average single transaction value per user in 2015 reached around NT$923 (US$28.5; US$1=NT$32.3), with an average of 4.2 transactions per user per year. The report also found that heavy users accounted for 47% of Taiwan's total mobile payments.