Mobile payments jumped 127 percent from a year earlier to NT$120.9 billion (US$4.15 billion) in the first seven months of the year, as consumers embraced contactless payment amid the COVID-19 pandemic, data compiled by the Financial Supervisory Commission showed yesterday.
The use of mobile payment services, which enables consumers to pay their bills just by tapping their smartphones, has surged as people feel safer not having to hold cash or come into contact with devices that have been touched by other people.
As more consumers turn to mobile payment services, supermarket chain operator Pxmart Co Ltd (全聯實業) and state-run oil refiner CPC Corp, Taiwan (台灣中油), as well as several franchise shops and department stores have launched electronic wallets to boost consumer loyalty, the commission said.
Photo: Lee Ching-hui, Taipei Times
That some consumers chose to redeem their Triple Stimulus Vouchers via mobile payment services could also boost online transactions, the commission said.
Transactions made via electronic payment services — such as Jkos Pay operated by Jkopay Co (街口支付), and Line Pay Money offered by LINE Biz+ Taiwan Ltd (連加網路) and iPass Corp (一卡通票證) — totaled NT$45.6 billion in the first seven months, ranking first among the five types of mobile payment tools, the data showed.
E-payment transactions rose 3.18 times from NT$14.3 billion a year earlier, the fastest growth among the five tools, as more stores partnered with Jkopay or Line Pay Money, and more teenagers used the service to transfer money from bank accounts to e-payment accounts, the commission said.
It was the first time that transactions through e-payment services outperformed those via mobile credit cards, the data showed.
Mobile credit cards reported the second-largest transactions, with NT$36.6 billion in the first seven months, followed by mobile debit cards with NT$35 billion, mobile point-of-sale (mPOS) with NT$2.7 billion and electronic stored-value cards with NT$1 billion, the data showed.
Transactions via mobile debit cards reported the second-fastest growth of 2.59 times from NT$13.5 billion a year earlier, the commission said, attributing it to more banks promoting digital savings accounts by encouraging consumers to apply for debit cards and rewarding them with higher interest rates.
Although mobile payments still make up a comparatively small part of non-cash payments, which surpassed NT$3 trillion last year, they are expected to continue growing this year, the commission said.
Taiwan started mobile payment services in 2016, with accumulated transactions reaching NT$299.1 billion as of the end of July, the data showed.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
RSS