TAIPEI (Taiwan News) — Line Pay, the most popular mobile payment system in Taiwan, will launch a new application, Line Pay Money, this week.

Line users are encouraged to download the Line Pay Money app to continue using the full range of Line Pay services, including adding funds to top up their account. The new application will launch at 3 p.m. on Wednesday.

After being approved for standalone e-payments by the Financial Supervisory Commission in July, Line began developing their own digital wallet application. The company anticipates that around 10 million users will download the Line Pay Money within a 48-hour period, reported Now News. 

Line’s current contractual agreement with the third-party online payment service iPass Money is set to expire in December. However, iPass Money will continue to operate in Taiwan’s mobile payment service market.

The Line Pay Money app will create a new digital wallet for Line users, which they can top up with transfers from a bank account or another payment platform. Between Wednesday and Dec. 31, users can transfer funds from their iPass Money balance to Line Pay Money, or continue to use iPass Money.

To use Line Pay Money, users must ensure their Line app is up to date with version 15.18.1 or higher. They must also verify their identity with a national ID or alien residency card number after downloading the new app.

iPass Money reportedly maintains financial data and transaction records of 7.2 million Line users, per Now News. iPass Money assures users that their data is secure and most of the app’s features and payment services will still be available through a standalone app.

Even after Line Pay Money launches, users may opt to continue using iPass Money. After downloading the iPass Money app and verifying their identity, the user’s current wallet balance will remain accessible.

For the rest of December, the iPass Money digital wallet will be accessible through the Line app. However, from Jan. 1, the service will separate from Line completely, and the iPass Money application must be used for payments.