In September 2017, the government launched an interministerial effort to promote wider adoption of mobile payments in Taiwan. The plan encourages the public to get into the habit of making mobile payments, starting with everyday transactions and public services. This in turn will create a market demand that drives business investment along with industrial growth. Under collaboration between the public and private sectors, Taiwan's mobile payment penetration rate surged from 24.4 percent in 2016 to cross the 50 percent mark in 2018, while the value of transactions in 2019 is expected to break NT$100 billion (US$3.2 billion). With the growing presence of mobile payment systems, consumers can now enjoy greater convenience for their dining, shopping, traveling and entertainment needs.
Three strategies to popularize mobile payments
■ Build a sound foundation: Make business operations more flexible by permitting fingerprint scanning, facial recognition, and other biometric methods for authentication of transactions. Enhance transaction convenience and improve the user experience by formulating sensor interface standards for mobile payment terminals. Provide tax incentives to encourage adoption by small businesses.
■ Expand opportunities for use: Allow the public to use mobile payments for over 100 types of public service fees (such as passport application and company registration fees), various types of utility bills, as well as income tax, property tax and license tax. Help cultural and educational institutions and tourism operators build a diversified payment environment. Accelerate digital transformation by providing small and mid-sized shops in commercial districts with subsidies for renting digital service systems.
■ Enhance the consumer experience: Work closely with local governments and private businesses to organize large promotional events where people can personally experience the ease of cashless transactions. Incentivize consumer adoption by integrating mobile payments with a cloud invoice system: Consumers paying with mobile devices can have invoices simultaneously uploaded to the cloud for a chance at special "cloud invoice lottery" prizes; if the invoice number wins a prize, the consumer will be notified and the winnings automatically transferred.