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Taiwan
Taiwan, an advanced East Asian economy, is renowned for its technology sector, semiconductor manufacturing, and robust exports. With a population of around 23 million, Taiwan has a thriving digital economy, driven by e-commerce, mobile wallets, contactless payments, QR-code transactions, and app-based banking platforms.
In 2024, Taiwan recorded nearly 3.9 billion non-cash payment transactions in the first half of the year, with mobile payments overtaking cash for small purchases, capturing 46% of transactions under NT$50. High smartphone penetration, strong fintech regulations, and growing consumer demand are accelerating digital payment adoption and cashless transactions.
As a global export powerhouse and major player in semiconductor manufacturing, Taiwan’s economy drives demand for cross-border fintech solutions and international digital payment integration. Government initiatives like the DIGI+ plan aim to expand broadband, 5G, and digital infrastructure, further supporting the growth of fintech, mobile banking, and e-payment services.
With over 90% internet penetration, Taiwan’s digitally literate, mobile-first population makes the country a prime destination for fintech firms, digital payment providers, and e-commerce businesses looking to scale in East Asia.
Top banks
Taiwan’s banking sector is well-developed, featuring a mix of local and international banks that provide a wide range of financial services, including retail banking, corporate finance, investment banking, and digital banking solutions. Leading banks in Taiwan, such as Bank of Taiwan, Taipei Fubon Bank, Cathay United Bank, and CTBC Bank, play a key role in supporting the country’s economic growth, financial inclusion, and digital payment adoption.
Bank of Taiwan (BOT)
Bank of Taiwan is Taiwan’s largest and oldest financial institution, providing retail, corporate, and digital banking services. The bank drives e-payment innovation, mobile banking adoption, and cross-border trade finance, supporting Taiwan’s fintech growth, cashless payments, and the expansion of the country’s digital banking ecosystem.
CTBC Bank
CTBC Bank Taiwan is a leading digital bank renowned for online banking, fintech partnerships, and innovative financial services. Offering consumer banking, wealth management, and cross-border payment solutions, CTBC Bank supports Taiwan’s digital economy, cashless transactions, and global trade, enhancing financial inclusion and modern banking infrastructure.
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Mega International Commercial Bank (Mega Bank)
Mega Bank Taiwan is a leading financial institution providing corporate banking, international settlements, and digital banking services. With a strong presence across Asia, Mega Bank facilitates trade finance, foreign exchange, and secure online payments, supporting businesses in Taiwan and globally, while promoting the country’s cashless economy.
Taipei Fubon Bank
Taipei Fubon Bank is part of Fubon Financial Holding Co., one of Taiwan’s largest financial groups. The bank specializes in consumer finance, mobile payments, and investment services, offering customers seamless digital banking experiences through advanced fintech integration and smart financial management tools.
E.SUN Commercial Bank
E.SUN Bank, a leading digital bank in Taiwan, excels in mobile banking, AI-powered financial services, and mobile wallet solutions. By promoting cashless payments, contactless transactions, and innovative online banking, E.SUN Bank supports Taiwan’s fintech growth, financial inclusion, and the expansion of the digital payments ecosystem.
Top payment methods
Taiwan’s payment landscape is rapidly evolving, blending traditional cash payments with digital solutions. Popular methods include mobile payments, digital wallets, QR-code transactions, credit and debit cards, and online banking. Leading platforms like LINE Pay, JKOPay, and Apple Pay enable secure peer-to-peer transfers, bill payments, and merchant purchases, driving financial inclusion and the country’s cashless economy.
JKO Pay
JKO Pay is one of Taiwan’s leading mobile payment platforms, supporting QR-code transactions, in-store payments, bill pay, and online shopping. It integrates with major banks and e-commerce platforms, driving cashless adoption and digital wallet growth across Taiwan’s fintech ecosystem.
LINE Pay
LINE Pay, linked to the LINE messaging app, is a leading e-wallet in Taiwan. It enables instant transfers, QR-code payments, and loyalty integrations, making it a top choice for young digital consumers and fintech-driven retail businesses.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Concluding remarks
Taiwan’s payment ecosystem is rapidly evolving, with mobile payments, digital wallets, QR-code transactions, and online banking driving a cashless economy. High fintech adoption and digital literacy position Taiwan as a leading hub for digital payments in East Asia.
Cash
Cash remains widely accepted in Taiwan, especially among small retailers and traditional markets, but its usage is steadily declining as digital payments and contactless options gain popularity in the country’s move toward a cashless economy.
Cards
Credit and debit cards are among the most common payment methods in Taiwan, supported by Visa, Mastercard, and UnionPay networks. Strong POS infrastructure and reward programs continue to encourage card-based transactions in retail and e-commerce.
APM's
APMs like JKO Pay, LINE Pay, and Apple Pay dominate Taiwan’s digital payment market, offering QR-code, mobile wallet, and in-app payments. Their convenience and integration with local banks drive fintech innovation and cashless adoption.
Cryptocurrency
Cryptocurrency adoption in Taiwan is gradually increasing, mainly for trading and investment rather than daily payments. Supported by clear regulatory frameworks and growing fintech interest, crypto is gaining attention among tech-savvy investors and blockchain startups.
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