Taiwan’s electronic payment industry has entered a period of intense competition, and the question arises as to who is the king of users in the current “beep economy.”
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 accounts per person.
Among them, JKOPay has become the most popular electronic payment brand with 6.562 million users. As for the second and third places, iPASS follows closely behind with 6.502 million users, while AllPay, created by PX Mart, has 5.03 million users, ranking third.
According to FSC statistics, as of the end of August this year, in addition to ten specialized electronic payment institutions, there are also 20 mixed institutions such as banks and post offices. The total number of unregistered electronic payment account users continues to rise, reaching 29.51 million, with an increase of 330,000 users per month. On average, each person in Taiwan has 1.26 electronic payment accounts.
In terms of user rankings, JKOPay takes the lead with 6.562 million users. iPASS comes in second place with nearly 6.502 million users, with a difference of only 60,000 users compared to JKOPay. As for third place, AllPay has 5.03 million users, with a gap of nearly 1.5 million users compared to iPASS.
Easycard ranks fourth with a total of 3.137 million users. Yuanta Bank comes in fifth place with 2.47 million users, making it the only bank to enter the top five in terms of electronic payment account users.
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. In August, the amount of domestic and international small-scale remittances reached NT$16.32 billion, an increase of NT$460 million compared to the previous month. The amount of stored value payments received in August reached NT$31 billion, an increase of NT$110 million compared to the previous month. The balance of payment 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 not on the list. In fact, LINE Pay is still classified as a “third-party payment institution” under the jurisdiction of the Ministry of Economic Affairs, and has not yet been upgraded to “electronic payment.”
According to regulations, if the daily average amount of payment transactions handled by a third-party payment agent exceeds NT$2 billion, it must “upgrade” and apply to the FSC for an electronic payment license, and be supervised by the FSC.
According to the FSC, in 2023, there were a total of seven third-party payment providers whose daily average balance of payment exceeded NT$1 billion, including Line Pay (Lianjia Network), PI Pay (PI Wallet), BlueNew, EC Pay (EC Pay), Foodpanda, UberEats, and 91App. They may become potential applicants for electronic payment licenses in the future.
Further reading:
Seizing the new opportunity of electronic payment, what makes “cross-border payment” so popular? How do EasyCard and JKOPay strategize?
How did AllPay achieve a “30% monthly growth” rate? Taiwan-Japan cross-border payment battle! The top three in Taiwan’s electronic payment industry determined by two indicators.
JKOPay announces support for TWQR! Starting from July 1st, “scan and pay” with TWQR service. What are the 5 steps of checkout? Illustrated guide.
Editor: Li Xiantai