Taiwan’s electronic payment has entered a period of intense competition. Who is the current king of users in the “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, they are closely followed by Easycard with 6.502 million users and FamiPay created by FamilyMart with 5.03 million users, respectively.
According to FSC’s statistics, as of the end of August this year, in addition to the 10 specialized electronic payment institutions, there are also 20 dual-purpose institutions such as banks and post offices. The total number of unregistered electronic payment accounts continues to rise, reaching 29.51 million, with a monthly increase of 330,000 users. On average, each Taiwanese person has 1.26 electronic payment accounts.
In terms of user ranking, JKOPay has become the most popular with 6.562 million users, followed closely by Easycard with nearly 6.502 million users, with a difference of only 60,000 users. As for the third place, FamiPay has 5.03 million users, with a difference of nearly 1.5 million users compared to the second-place Easycard.
The fourth place is Yoyo Card with a total of 3.137 million users. The fifth place is taken by Yuanta Bank, with 2.47 million users. It is the only bank to enter the top 5 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. The amount of domestic and international small remittances reached NT$16.32 billion in August, an increase of NT$460 million compared to the previous month. The amount of stored value 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 not on the list. In fact, LINE Pay is still classified as a “third-party payment institution” under the supervision of the Bureau of Monetary Affairs, and has not yet upgraded to “electronic payment”.
According to regulations, if the daily average amount of transactions collected and paid by a third-party payment agent exceeds NT$2 billion, it must “upgrade” and apply for an electronic payment license from the FSC for regulatory supervision.
According to the FSC’s information, in 2023, there were 7 third-party payment providers whose daily average balance of collected and paid funds exceeded NT$1 billion, including Line Pay (Line Plus), Pi Pay (PI Wallet), Pay2Go, EC Pay (ECPay), Foodpanda, UberEats, and 91App. These providers are potential applicants for electronic payment licenses in the future.
Further reading:
Seizing the opportunity in the new era of electronic payment, what are the strategies of Yoyo Pay and JKOPay in cross-border payments?
How did FamiPay achieve a “30% monthly increase” in growth rate? Taiwan-Japan cross-border payment competition! The key to victory for Taiwan’s top 3 electronic payment providers lies in 2 indicators.
JKOPay announces support for TWQR! Starting from July 1st, “scan and pay” with TWQR service. What are the 5 steps to checkout? A visual guide.
Editor: Li Xiantai
