Asia Express - Consumer Electronics
Taiwan Pay Records Over US$8 Million Credit Card Payment Transactions within Six Months
May 03, 2019

Taiwan’s Ministry of Finance recently announced that Taiwan Pay had a total of NT$24.7 billion (US$8.13 million; US$ 1= NT$8.13) of mobile payment transactions as of March 31, 2019, the Economic Daily News reported on May 2. In addition, the number of local brick and mortar businesses supporting Taiwan Pay totaled 72,374 as of March 31, 2019. Formed in September 2017 by eight major government-backed banks and 19 private-owned banks, Taiwan Pay is a local QR code-based mobile payment service platform with 6.32 million users. To date, 5,177 types of bills can now be paid via Taiwan Pay, including credit card bills, utility fees (electricity and water), phone bills, administration fees of residence buildings, and tuition fees. According to MIC (Market Intelligence & Consulting Institute), a government-backed research institute, Taiwan Pay is among the top 5 most popular mobile payment brands in Taiwan and the increase in its adoption is because the platform is easy to use for local businesses such as small retailers, night-market vendors, and convenience stores as they don’t need to make additional purchases like a POS (Point of Sale) machine for consumers to complete transactions. Thus far, the major applications of Taiwan Pay focus on mobile payments, fund transfers, and bill payments. The third and final phase of the plan is to integrate with electronic ticket issuing institutions and third-party payment operators into the Taiwan Pay platform.