Mobile payment penetration in Taiwan exceeds 60 percent in 2019

Thursday 30 January 2020 14:16 CET | News

The mobile payment penetration rate in Taiwan has reached 62.2% in 2019, up more than 10% from the previous year, Taiwan News reports.

Recently, efforts have been made to implement an infrastructure to support cashless payments, spanning transportation networks and tourist attractions. Taiwan’s High Speed Rail (HSR), MRT systems, 12 forest parks, 80 recreational areas, 15 cultural venues, and 57 night markets are among the places now providing mobile payment services.

According to Taiwan News, individuals aged 45 to 65 accounted for more than 50% of those preferring to pay with their smartphones in 2019. This indicates a demographic change in the country’s payment preferences, according to the National Development Council (NDC).

In addition, the number of people paying utility fees with a digital wallet also increased in 2019, with gas stations seeing a quadruple rise year-on-year. A total of 120 mobile payment apps met the information security requirements stipulated by the Ministry of Economic Affairs in 2019, and the Financial Supervisory Commission has regulated mobile payment businesses to ensure cash flow safety.

According to the NDC, today over 10,000 convenience stores, retailers, and restaurants are ready for digital wallet transactions.

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Keywords: Taiwan, mobile payments, smartphones, digital wallet, Payment Apps
Categories: Payments & Commerce
Countries: Taiwan
This article is part of category

Payments & Commerce