Premier Lai Ching-te on Thursday said that ubiquitous use of mobile payments forms a key component of the Digital Nation and Innovative Economic Development Program (DIGI+) and is critical to developing a digital economy. By both meeting the needs of society and helping expand the scope of e-commerce applications domestically, mobile payments carry great significance for Taiwan's emergence as a smart digital nation.
The premier's remarks followed a Cabinet briefing by the Ministry of Finance (MOF) on the effectiveness and future of the "Taiwan Pay" mobile payment platform.
Taiwan's state-invested banks and the Financial Information Service Co., Ltd. are cooperating in the rollout of the mobile payment platform, Premier Lai said. The effort includes building a common mobile payment environment with shared standards, enhancing the convenience of mobile payments by increasing the number of outlets where the platform may be used, and tying it all together with an innovative, cloud-based e-invoice system. Since coming online a little over a year ago, the platform has performed admirably, facilitating nearly 3 million mobile transactions worth NT$13.4 billion (US$435 million).
Achieving a 2025 target of 90 percent penetration will require the expansion and coordination of mobile payment tools, emphasized the premier. By tackling the task from both the supply and demand sides, platform promoters will be able to expand opportunities for mobile payment use and increase the number of people using the service.
The MOF said that coordinated protocols underlie the "Taiwan Pay" platform, and the system's development has proceeded in line with international trends. Because it establishes common standards on a shared foundation and is designed to provide secure transactions, "Taiwan Pay" overcomes problems caused by the incompatible interfaces currently used by individual mobile payment vendors, and brings costs savings to all market participants.