At the first annual electronic payment (e-payment) award ceremony today, Premier Mao Chi-kuo stated that e-payment and third-party payment mechanisms are two major infrastructural developments for the financial system. He hopes the promotion of these mechanisms will expedite the growth of electronic commerce (e-commerce) into a trillion-dollar industry, energize Taiwan's economy and bring about industrial development.
The core concept of e-payment and third-party payment is that they are electronic, and as such they open up more possibilities than conventional methods of collection and payment, the premier stated. Business operators can link operations such as collecting payments and placing orders, and they can also use the mechanisms for other cross-sector applications.
Mao pointed out that the e-payment platform offers considerable benefits for both consumers and business operators in e-commerce: Consumers will have more choices, and operators seeking to expand their businesses will not have to develop a new system because they can capitalize on the joint platform for e-payment and third-party payment. Micro-businesses in particular will benefit most from this development.
According to the Financial Supervisory Commission (FSC), the markets for e-payment and third-party payment will see more than 20 percent growth in the second half of 2016, the premier noted.
Mao also expressed his gratitude to all those that have promoted the e-payment platform, including the FSC and other ministries and agencies, banking unions and participating businesses. He believes the system will blaze a new path for Taiwan.