TAIPEI (TVBS News) — Taiwan's digital payment landscape has expanded significantly, with the Financial Supervisory Commission (金管會) recording 29.8 million electronic payment accounts as of Sept. 30, 2024. On average, each Taiwanese citizen holds 1.28 accounts, reflecting the growing reliance on digital transactions in the country.
JKOPay (街口支付) leads the market with 6.571 million users, followed closely by iPASS (一卡通) with 6.552 million users. PXPay (全支付), primarily used in supermarket channels, ranks third with 5.088 million users. The statistics exclude LINEPay, which is classified as a "third-party payment institution" by the Ministry of Digital Affairs (MODA, 數發部) and has not yet been upgraded to "electronic payment."
Experts caution that while diverse payment options offer convenience, they do not necessarily equate to cost savings. Daphny Lee (李晨馨), a chain brand consultant, warned that cashless spending might lead to increased credit card debt and financial irresponsibility, emphasizing the need for consumers to manage their finances carefully.
Hsin Ping-lung (辛炳隆), an associate professor at National Taiwan University's Graduate Institute of National Development (台大國發所), highlighted that individuals with low-income or wealth illusions struggle to save and must be wary of rising living costs. Financial planners advise consumers to meticulously track monthly expenses, avoid overspending due to discounts or reward points, and consolidate payment tools to mitigate debt risks.
As Taiwan's digital payment ecosystem continues to evolve, consumers must navigate the financial landscape wisely to avoid potential pitfalls. The growing adoption of electronic payment accounts underscores the importance of financial literacy and responsible spending habits in an increasingly cashless society.