Taiwan’s Central Bank recently released a report, stating that Taiwanese electronic payment transactions - comprising of mobile payments and all kinds of non-cash payments - amounted to NT$4.27 trillion (US$140 billion; US$1= NT$29.7) in 2019 alone, up 12% compared to 2018.
Taiwan has been promoting mobile payments since 2017 with an aim to reach up to 90% adoption by 2025. To solve the interoperability issue of mobile payments, the Ministry of Finance introduced and promoted the Taiwan Pay, a government-initiated mobile payment service platform, called Taiwan Pay QR Code Payment, to speed up the adoption of mobile payments. Thus far, 32 financial institutes and around 100,000 merchants have partnered with Taiwan Pay. 19.8% of Taiwanese people aged between 36-55 picked Taiwan Pay as their payment method, only next to Line Pay, Jkos Pay, and Apple Pay, according to the findings of a mobile payment survey conducted by MIC (Market Intelligence & Consulting Institute), a government think tank and IT research institute in Taiwan in the fourth quarter of 2019. Nevertheless, Line Pay is still the most popular mobile payment option across all age groups, except those between 26-35 that tend to favor Jkos Pay. The findings also show that other than Line Pay, PX Pay is more widely accepted by consumers aged 46-55 (17.8%) and 56-65 (14.6%) compared to Apple Pay. Based on MIC's findings, Line Pay, Jkos Pay, and PX Pay are fighting for the top two spots across all age groups in the Taiwanese mobile payment market.