Line Pay Money, the electronic payment service offered by LINE Biz+ Taiwan Ltd (連加網路) and iPass Corp (一卡通票證), ranked first in the nation in terms of number of users as of the end of October at 1.87 million, Financial Supervisory Commission data released on Tuesday showed.
The service provided by Jkopay Co (街口電子支付) was second at 1.11 million users, followed by that of AllPay Financial Information Service Co (歐付寶) with 851,417 users, the data showed.
However, transactions handled by Jkopay grew year-on-year to NT$1.12 billion (US$36.7 million) in October, compared with Line Pay Money’s NT$326 million via and AllPay’s NT$150 million, the data showed.
Jkopay also led in terms of transfers, an important function, at NT$801 million in October, followed by Line Pay Money’s NT$398 million and Allpay’s NT$42 million, the data showed.
The commission defines a transaction as being between a consumer and a store, while transfers are between consumers.
In Taiwan, Line Pay Money has fewer merchant partners than Jkopay, iPass senior assistant vice president Wang Jiun-ping (王俊平) said on Tuesday.
As LINE Biz+ Taiwan and iPass are forming partnerships with four regional peers to establish a cross-border payment alliance, more stores are expected to accept Line Pay Money next year, which would drive sales, Wang said.
In addition, LINE Biz+ Taiwan next year plans to partner with telecoms, insurance companies and medical institutions to attract more customers, Wang added.
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