TAIPEI (Taiwan News) — The total value of transactions made through electronic payment services in Taiwan reached a record NT$8.6 trillion (US$271.45 billion) last year, according to the Central Bank’s latest data.
The figure represented annual growth of 5.22% and was up from NT$4.91 trillion in 2020. Retail payment transactions processed through Financial Information Service Co.’s interbank system also reached a record NT$24.7 trillion, CTEE reported.
The Central Bank said improvements to Taiwan’s shared retail payment infrastructure have supported the expansion of digital payments. The upgrades have made transactions more convenient and encouraged wider consumer adoption.
One key initiative has been the promotion of TWQR, Taiwan’s common QR code payment standard. The system links banks and electronic payment providers through a shared platform, allowing consumers to make purchases with participating banking or e-payment apps using a single QR code, according to Bank SinoPac.
Merchants can also accept multiple payment methods through one system. By the end of 2025, TWQR had expanded to 678,000 participating merchants.
Transaction value through the platform reached a record NT$713.6 billion last year, up 45.79% from a year earlier. Volume rose 31.87% to 147 million transactions.
The payment network has also expanded internationally. Since 2021, Taiwanese travelers have been able to use TWQR-enabled services for cross-border payments in Japan and South Korea.
The number of registered electronic payment users in Taiwan reached 38.69 million as of January. The three largest electronic payment providers by user base were JkoPay, iPASS MONEY, and PXPay Plus.
