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Taiwan taking steps to boost electronic payment transactions

Taiwan taking steps to boost electronic payment transactions

Taipei, Nov. 2 (CNA) Taiwan's Financial Supervisory Commission (FSC) has proposed a plan to get local consumers into the habit of making payments electronically and double the share of total consumer payments made through e-payments in Taiwan within five years. FSC Chairman Tseng Ming-chung (???) revealed the plan at a meeting of 16 financial technology consultants to the agency on Monday. The consultants include PChome Online founder Jan Hung-tze (???) and Google Taiwan managing director Chien Lee-feng (???). The plan's goal is to raise the percentage of e-payments among all forms of consumer transactions from the current 26 percent to 52 percent in five years, Tseng said. E-payments generally refer to payments made over the Internet for online transactions. Compared with other Asian neighbors, the figure of 26 percent is relatively low, said Austin Chan (???), director-general of the FSC's Banking Bureau. He attributed the low prevalence of e-payments in Taiwan to the high volume of automatic teller machines (ATMs) -- with more than 26,000 units around the country -- and over 6,000 financial services locations. "Seventy to 80 percent of consumer demand for simple financial services can be met on ATMs," Chan said. (By Tsai Yi-chu and Elizabeth Hsu)


Updated : 2021-09-20 02:01 GMT+08:00