Taiwan’s electronic payment has entered a period of intense competition. Who is the king of users in the current “beeping economy”?
According to the latest data released by the Financial Supervisory Commission (FSC), as of the end of August 2024, the total number of users of electronic payment accounts in Taiwan has reached 29.51 million, with an average of 1.26 accounts per person.
Among them, JKOPay has the most users, with 6.562 million people using this electronic payment brand. As for the second and third places, they are closely followed by EasyCard, which has 6.502 million users, and AllPay, created by PX Mart, which has 5.03 million users, ranking third.
According to the statistics of the FSC, as of the end of August this year, in addition to 10 specialized electronic payment institutions, there are also 20 dual-operation institutions such as banks and post offices. The total number of users of unregistered electronic payment accounts continues to rise to 29.51 million people, with a monthly increase of 330,000 people. On average, each person in Taiwan has 1.26 electronic payment accounts.
In terms of user rankings, JKOPay has the most users with 6.562 million people, taking the crown in popularity; EasyCard follows closely behind with nearly 6.502 million users, with a difference of only 60,000 users compared to JKOPay. As for AllPay, it has 5.03 million users, with a difference of nearly 1.5 million users compared to EasyCard.
The fourth place is occupied by the EasyCard, with a total of 3.137 million users. The fifth place goes to Yuanta Bank, with 2.47 million users, making it the only bank to enter the top five in terms of the number 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-sum remittances reached NT$16.32 billion, an increase of NT$460 million compared to the previous month. In August, the amount of stored value funds received 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 supervision of the Ministry of Economic Affairs, and has not yet been upgraded to an “electronic payment” institution.
According to the regulations, if the average daily amount of payment collected by a third-party payment agent exceeds NT$2 billion, it must “upgrade” to apply for an electronic payment license from the FSC and be supervised by the FSC.
According to the information collected by the FSC, in 2023, there were 7 third-party payment providers whose average daily balance of payment collection exceeded NT$1 billion, including Line Pay (Lianjia Network), Pi Pay (PI Wallet), BluePay, EC Pay, Food panda, UberEats, and 91App. These companies are potential applicants for electronic payment licenses in the future.
Further reading:
Competing for a share of the new electronic payment market, what is the appeal of “cross-border payments”? What are the strategies of Yuanta Pay and JKOPay?
How did AllPay achieve a “30% monthly increase” in growth rate? Taiwan-Japan cross-border payment competition! The top 3 in Taiwan’s electronic payment market determined by 2 indicators.
JKOPay announces support for TWQR! Starting from July 1st, “pay by scanning” will be available. What is the TWQR service? A step-by-step guide to checkout in 5 steps.
Editor: Li Xiantai