Jkopay Co (街口電子支付) and Gama Pay Co (橘子支) have filed applications with the Financial Supervisory Commission (FSC) to increase their capital by NT$400 million and NT$200 million (US$12.65 million and US$6.33 million) respectively to expand their marketing programs.
Jkopay, a subsidiary of Jkos Network Co (街口網絡), would use the money to fund its new business plans, Jkos Network founder and chief operating officer Kevin Hu (胡亦嘉) said on Friday, without disclosing details.
Jkopay’s transactions in April totaled NT$701 million, higher than all six of its major local rivals — five institutions with electronic payment licenses and Line Pay, which is cooperating with iPass Corp (一卡通票證) to process electronic payments — commission data showed.
However, Jkopay ranked third in the number of users, which totaled 808,891 as of the end of April, lower than iPass and Line Pay’s 1.46 million users and AllPay Financial Information Service Co’s (歐付寶) 817,167 users, the data showed.
“We are the most favored payment tool for users younger than 40,” Jkopay said in a statement, adding that it has been trying to expand its partnerships with stores nationwide to attract more consumers.
The company last month announced that it has partnered with Kentucky Fried Chicken and Pizza Hut, which are operated by Jardine Food Services (Taiwan) Co (富利食品), as mobile payment would be a suitable tool for fast-food restaurants, it said.
Jkopay, launched in October 2015, first applied for a capital increase in February last year for a NT$100 million injection, and another NT$300 million in April, Banking Bureau Deputy Director Sherri Chuang (莊琇媛) told a news conference on Tuesday.
Gama Pay last year boosted its capital by NT$100 million and in March applied to increase it by another NT$200 million, Chuang said.
“All of the electronic payment companies in the nation are still losing money, as they continue to build customer base and spend a lot on rewards or discounts to attract consumers,” Chuang said.
However, their cumulative losses cannot exceed half of their paid-in capital, which might be why Jkopay and Gama are boosting their capital, she said.
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