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Online Payments

Taiwan taking steps to boost electronic payment transactions

Monday 9 November 2015 | 12:11 PM CET

Taiwan\'s Financial Supervisory Commission (FSC) has proposed a plan to get local consumers into the habit of making payments electronically and double the share of total consumer payments made through e-payments in Taiwan by 2020.

FSC Chairman Tseng Ming-chung revealed the plan at a meeting of 16 financial technology consultants to the agency, focustaiwan.com reports. The consultants include PChome Online founder Jan Hung-tze and Google Taiwan managing director Chien Lee-feng.

The plan's goal is to raise the percentage of e-payments among all forms of consumer transactions from the current 26% to 52% by 2020, Tseng said. E-payments generally refer to payments made over the internet for online transactions.

Compared with other Asian neighbors, the figure of 26% is relatively low, said Austin Chan, director-general of the FSC's Banking Bureau. He attributed the low prevalence of e-payments in Taiwan to the high volume of automatic teller machines (ATMs) -- with more than 26,000 units around the country -- and over 6,000 financial services locations.

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