Taiwan’s electronic payment has entered the Warring States period. Who is the current king of “beeping economy” in terms of user numbers?
According to the latest data released by the Financial Supervisory Commission (FSC), as of the end of August 2024, the total number of electronic payment account users in Taiwan has reached 29.51 million, with an average of 1.26 electronic payment accounts per person.
Among them, JKOPay has the highest number of users, with 6.562 million people using the brand. As for the second and third places, they are closely followed by Easycard with 6.502 million users and AllPay created by PX Mart with 5.03 million users, ranking third.
According to the FSC’s statistics, as of the end of August this year, in addition to the 10 specialized electronic payment institutions in the country, there are also 20 mixed-operation electronic payment institutions such as banks and post offices. The total number of unregistered electronic payment accounts continues to rise to 29.51 million, with a monthly increase of 330,000 people, and an average of 1.26 electronic payment accounts per person.
In terms of user rankings, JKOPay takes the top spot with 6.562 million users; Easycard comes in second with nearly 6.502 million users, only 60,000 users behind JKOPay; as for AllPay in third place, it has 5.03 million users, with a difference of nearly 1.5 million users compared to Easycard.
The fourth place goes to the EasyCard, with a total of 3.137 million users. The fifth place is taken by Yuanta Bank with 2.47 million users, the only bank to make it into the top 5 electronic payment account user rankings.
As for the total transaction amount of all electronic payment institutions, it reached NT$17.42 billion in August, a decrease of NT$440 million compared to the previous month. The amount of domestic and international small remittances made in August reached NT$16.32 billion, an increase of NT$460 million compared to the previous month. The amount of recharge received in August reached NT$31 billion, an increase of NT$110 million compared to the previous month. The balance of payments in August was NT$16.09 billion, an increase of NT$450 million compared to the previous month.
It is worth noting that LINE Pay, which is popular among Taiwanese people, is missing from the list. In fact, LINE Pay is still classified as a “third-party payment institution” under the jurisdiction of the Department of Supervision and Control of Financial Institutions and has not yet been upgraded to “electronic payment”.
According to the regulations, if the daily average amount of payment agency transactions exceeds NT$2 billion, it is necessary to “upgrade” and apply for an electronic payment license from the FSC for supervision.
According to the information obtained by the FSC, in 2023, there were a total of seven third-party payment providers with a daily average balance of payments exceeding NT$1 billion, including Line Pay (LianJia Network), Pi Pay (PI Wallet), Blue new, ECPay, Foodpanda, UberEats, and 91APP. These providers are potential applicants for electronic payment licenses in the future.
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Editor: Li Xiantai