TAIPEI (Taiwan News) — Taiwan’s Financial Supervisory Commission aims for NT$10 trillion (US$318.4 billion) in non-cash transactions this year, expecting around eight billion payments, CNA reported Wednesday.

Non-cash payments include methods other than physical cash, such as credit cards, stored-value cards, electronic transfers, and ATM transactions. Last year, these payments reached 8.7 billion, a 5.1% increase from 2024, totaling NT$8.7 trillion, up 5.3% from a year earlier. 

Analysts say the pandemic accelerated non-cash habits, as consumers sought alternatives to handling cash. Small and medium-sized businesses, including night markets, are increasingly accepting mobile payments.

The Financial Information Service Co., which manages nationwide financial data, has promoted a unified QR code standard, TWQR, to expand accessibility.

Historical trends show non-cash transactions in 2024 and 2025 have already surpassed this year’s target. However, individual payment amounts remain small, and the commission plans to continue efforts to boost total transaction value.

Analysts note that further growth depends on expanding everyday use cases. Banks are responding by integrating multiple payment options to become consumers’ preferred method for daily spending, intensifying competition.

Cathay United Bank’s Cube credit card, with over five million active users, offers flexible rewards redeemable across travel, dining, retail, and digital services. CTBC Bank collaborates with leading brands to cover high-frequency consumer needs through co-branded cards, payment services, and loyalty programs.

Taipei Fubon Bank noted that consumers now choose payment methods based on spending context and rewards. Providing seamless user experiences and convenient options will be key to encouraging broader adoption of non-cash payments.