According to the statistics released by Taiwan's FSC (Financial Supervisory Commission), the amount of mobile payment transactions in Taiwan reached around NT$870 million (US$26.6 million; US$1=NT$32.7 ) as of March 2016, reported Central News Agency on May 5. Notably, mPOS (Mobile Point of Sale) service was the highest in total transactions and amounts, taking up over 80% of the mobile payments, or NT$734 million (US$22.4 million) in transaction value. Mobile payment X-card, which connects credit cards with bank cards, ranked second at NT$86 million (US$2.6 million). There are 22 financial institutions providing OTA (Over the Air) NFC (Near Field Communication) mobile payment services, and 16 institutions offering mobile banking service. FSC aims to double electronic payments in Taiwan in 5 years and plans to promote electronic payments of small transaction value in night markets, traditional markets, and O2O (Online to Offline) services in Taiwan.