60% of Taiwanese Mobile Payments Using Mobile Credit Card Processing App in 1H 2018
September 07, 2018
The Financial Supervisory Commission of Taiwan recently announced that Taiwanese mobile payment market value witnessed significant growth in the first half of 2018 by making over 33 million transactions, equivalent to NTD 35.6 billion (USD 1.16 billion; USD 1= NTD 30.8), the Economic Daily News reported on September 7. Of the total mobile payments, 21.9 billion (711 million) or 60% of transactions using mobile credit card iOS and Android processing app accounts for the largest share, while mPOS (Mobile Point of Sale) which contributed NTD 6.4 billion (USD 207.8 million) takes the second place and mobile debit card comes the third. In addition, the joint mobile payment platform of JKOPAY, iPASS, and LINE Pay reached NTD 2.5 billion (USD 81.7 million), securing the 4th place. With mobile payment being the future of digital transactions, Taiwan's National Development Council Commission stated that it has already established an inter-departmental promotional mechanism. Under the Fintech trend, the number of Taiwanese financial institutions’ patent grants has also growing rapidly, reaching 294 patents in 2017 up from just 38 in 2016. As of the first half of 2018, there were already 215 patent grants.