Asia Express
Taiwan Pay Has Cumulative Transaction Value of US$ 1.6 Billion as of August 2019
October 05, 2019

Taiwan Pay, a QR code-based mobile payment platform launched in September 2017, recently announced that it had a cumulative transaction value of NT$ 47.8 billion (US$1.58 billion; US$1 = NT$30.29) as of August 2019, the CNA (Central News Agency) reported on October 4. Thus far, Taiwan Pay has formed partnerships with 9.17 million debit cards issued by 28 banks and financial organizations, and 257 farmers and fishery associations across Taiwan. By the end of 2019, six banks and financial organizations are to join the bandwagon. Taiwan Pay strives to top over NT$100 billion (US$3.3 billion) by the end of 2020 by including electronic payment and ticketing vendors into the platform. Thus far, over 80,000 vendors, including four major convenience stores, chain supermarkets (Wellcome and Jasons Market Place), restaurants (Formasa Chang), and retailers (Watsons), are ready to provide over 2,600 services via the platform including utility and phone bill collection services. There are more vendors to introduce the service such as PX Mart and Louisa Coffee.