TAIPEI (TVBS News) — The traditional dilemma of choosing between cash or bank cards is fast becoming a relic in Taiwan as the populace increasingly leans towards mobile payment applications for their transactions.
This shift is underscored by data from the Financial Supervisory Commission, which notes a significant rise in non-cash payments in private consumption from 50.18% in 2019 to 63.47% in the first three quarters of 2023.
Amidst this digital transformation, mobile wallets have become essential for daily transactions, with businesses seeking to extend their reach globally.
Expanding Horizons
Yu Chin-long, general manager at PXPay Plus, highlights the benefits of cross-border partnerships, particularly with Japan's PayPay. "With our collaboration with Japan's PayPay, customers only need to open a PXPay account and link it to our bank account to make purchases at any store in Japan where PayPay is accepted," said Yu.
"This enhances the consumer's shopping experience as they don't have to worry about not having enough cash," Yu added. This initiative is part of a broader trend where Taiwanese companies are making their services more globally accessible, benefiting over 12 million users through enhanced service offerings.
The Future of Payment
The drive towards international expansion of mobile payment services is not slowing down. Tai Fan-chan, director-general of the Research Division at the Commerce Development Research Institute (CDRI), believes, "The time is ripe for this integration because online payment services in every country are becoming more consistent."
"Alipay is the best at internationalization. Alipay supports various countries in the Middle East, Europe, and other countries," Tai continued. Alongside this expansion, there's a concerted effort to bolster security measures and use artificial intelligence to offer personalized shopping recommendations, catering to a growing demographic that prioritizes convenience in their payment methods.