Line Pay has become the most used mobile payment system in Taiwan, the Market Intelligence & Consulting Institute (MIC, 產業情報研究所) said on Wednesday.
The institute cited a survey, which found that 25.2 percent of respondents who used mobile payment systems favored Line Pay over Apple Pay, which was used by 17.9 percent of those surveyed.
The survey said JKo Pay (街口支付) came in third, taking a 10.9 percent share, followed by Android Pay with 9.9 percent and E.Sun Wallet (玉山 Wallet) with 5.2 percent.
Based on the survey, the top three systems made up a more than 50 percent share in the local mobile payment market, the institute said.
MIC analyst Nephy Hu (胡自立) said Taiwan has more than 20 mobile payment services, but only a few have proven to be popular.
Competition between local digital wallet services is escalating, Hu said, adding that the next couple of years could be critical for these operators to win a bigger share of the market or risk becoming marginalized.
According to the survey, the respondents said they mostly used mobile payments at convenience stores (62.3 percent), ahead of hypermarkets (37.7 percent), supermarkets (32.3 percent), department stores and shopping malls (30.2 percent), and restaurants (29.7 percent).
Hu said the nation’s four largest convenience store chains were quick to set up systems to support mobile payments and that is why consumers favored them.
The survey showed mobile payments were used for only 1.2 percent of purchases of more than NT$3,000 in 2016, but the figure rose to 15 percent last year.
The institute said consumers aged between 18 and 25 were the most willing of all Taiwanese to use mobile payments.
Cash-strapped developer China Evergrande Group (恆大集團) has begun repaying investors in its wealth management products with real estate, said Hengda Real Estate Group Co Ltd (恆大地產), its main unit. Evergrande, with more than US$300 billion in liabilities, is in the throes of a liquidity crisis that has left it racing to raise funds to pay its many lenders and suppliers. It has a bond interest payment of US$83.5 million due on Thursday. The company said on WeChat on Saturday that investors interested in redeeming wealth management products for physical assets should contact their investment consultants or visit local offices. Financial news outlet Caixin on
‘CORE VALUES’: The contract chipmaker did not specify why the employees were dismissed, but media reports said they had leaked information about customer orders Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has fired seven of its employees for violating the company’s “core values,” the world’s largest contract chipmaker said yesterday. While the company did not disclose exactly why it fired the seven employees, local media reports earlier in the day said that the employees had leaked confidential information about customer orders. In a statement, the company said that it fired the seven at once, adding that it released an internal notice last week to inform the entire company of the move ahead of the four-day Mid-Autumn Festival holilday, which ended on Tuesday. TSMC said it fired the seven
Alphabet Inc’s Google on Tuesday announced plans to buy a New York office building for US$2.1 billion, confirming its push into the US’ largest city despite the COVID-19 teleworking trend. This is the largest real-estate purchase in the US for an office building since the beginning of the global spread of COVID-19, the Wall Street Journal quoted Real Capital Analytics as saying. Google already rents the premises in Manhattan, which are located on the site of a former railroad terminal in the Hudson Square neighborhood. The Silicon Valley giant envisions a campus with a total surface area of 160,000m2 by mid-2023
MILD ADJUSTMENT: Two previous efforts failed to curtail mortgage financing, although the new measures should not affect property prices, the central bank governor said The central bank yesterday tightened credit controls for second-home mortgages in specific areas and purchases of plots of land, especially in industrial parks. However, the nation’s top monetary policymaker kept its policy rate at a record-low 1.125 percent for the sixth consecutive quarter, despite revising up its GDP growth forecast for this year from 5.08 percent to 5.75 percent. “Board members factored in economic uncertainty at home and around the world,” central bank Governor Yang Chin-long (楊金龍) said, adding that growing inflationary pressure was a temporary phenomenon induced by bad weather and a low base effect for oil prices. International fuel price increases