Taiwan's electronic payment has entered the Warring States period, who is currently the king of user numbers in the 'bee economy'?

According to the latest data released by the Financial Supervisory Commission, as of the end of September 2024, the total number of electronic payment accounts in Taiwan has reached 29.8 million, with an average of 1.28 electronic payment accounts per person.

Among them, Jkopay has 6.571 million users, making it the most widely used electronic payment brand. The second and third places are closely followed by iPass with 6.552 million users, while AllPay, created by PX Mart, has 5.088 million users, ranking third.

According to the statistics from the Financial Supervisory Commission, as of the end of September this year, in addition to 10 specialized electronic payment institutions, there are also 20 financial institutions such as banks and post offices engaged in electronic payment services.

Ranking of electronic payment user numbers: Jkopay, iPass, and AllPay occupy the top three positions

In the ranking of user numbers, Jkopay takes the popularity crown with 6.571 million users; iPass comes in second with nearly 6.552 million users, narrowing the gap with Jkopay to 19,000 users; as for the third place, AllPay has 5.088 million users, with a gap of about 1.5 million users from the second place iPass.

Source of the image: Digital Age

The 4th place is EasyCard, with a total of 3.196 million users. The 5th place is taken by E.SUN Bank with 2.523 million users, making it the only bank to enter the top 5 in electronic payment account user numbers.

Ranking of electronic payment transaction amounts: Jkopay, AllPay, iPass

As for the total amount of actual transaction funds collected by all electronic payment institutions, it reached NT$18.24 billion in September; the amount for domestic and foreign small remittances in September was NT$16.11 billion; the amount received for stored value in September was NT$28.41 billion; the balance of payments in September was NT$16.96 billion.

Looking further at the transaction amounts of electronic payment institutions, Jkopay ranks first with a transaction amount of NT$4.62 billion. The second place goes to AllPay, which was ranked first last month, with a transaction amount of NT$4.39 billion. The third place is iPass, with a transaction amount of NT$3.41 billion.

It is worth noting why LINE Pay, which is loved by Taiwanese people, is not on the list? In fact, LINE Pay is still classified as a 'third-party payment institution' managed by the Digital Development Department and has not yet upgraded to 'electronic payment'.

According to regulations, if the average daily amount of transactions collected and paid by third-party payment agents exceeds NT$2 billion, they must 'upgrade' to apply for an electronic payment license from the Financial Supervisory Commission and be regulated by them.

According to the Financial Supervisory Commission, in 2023, a total of 7 third-party payment operators had an annual average balance of over NT$1 billion, including Line Pay, Pi Pay, Neweb, ECPay, Food Panda, UberEats, and 91App, which will potentially meet the criteria for applying for electronic payment licenses in the future.

[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk.

  • This article is authorized for reprint from: (Digital Age)

  • Original title: (Who is the King of Electronic Payments in Taiwan? iPass is racing after Jkopay! A graphic illustration of the top 10 electronic payment users and transaction amounts)

  • Original author: Li Hsien-Tai

The article 'Taiwan's Electronic Payment TOP 10 Ranking! iPass is racing after Jkopay, who is stronger in users and transaction amounts' was first published in 'Crypto City'