Joint Presentation on Mobile Payment: Creating a Quality New Life of Consumption through Mobile Payment
Mobile payment has become an indispensable ingredient in the era of the digital economy. In order to assist Taiwanese enterprises in seizing business opportunities in the digital economy and to allow more people to experience future trends in the consumers' daily lives, the Small and Medium Enterprise Administration organized the "Joint Achievement Presentation on Mobile Payment" in the main hall of Taipei Main Station on 22st November. Deputy Minister Wang Mei-Hua of the Ministry of Economic Affairs (MOEA) gave her opening speech. Other government agency heads, including Minister Chen Mei-ling of the National Development Council, were also invited to the Presentation.
Following the much-acclaimed Mobile Payment Shopping Festival in 2017, the MOEA organized a mobile payment festival again to showcase the abundant achievements as a result of collaborative efforts by agencies under the Executive Yuan to promote mobile payments. Exhibition at the event included multifaceted applications for convenience stores, restaurant chains, transport, campuses, medicine, tourism, taxes and fees. Products for sale from local farmers and cultural creative producers were also at the event. All of this helped consumers to experience "mobile life" with shopping via mobile payment.
In addition, working in collaboration with 300 enterprises including coffeehouse chains, restaurants, convenience stores, hotel service providers, souvenir manufacturers, and cultural creative producers, the MOEA offered discounts for large-sum mobile payments at 7,500 business locations and stores across Taiwan for one month. This offer helped encourage citizens to experience mobile payment, thus avail them a better understanding and more fun of shopping via mobile payment.
According to the estimates by Statista, an international research organization, the amount of global mobile payment will reach US$1.3 trillion in 2022. According to the latest statistics released by the Financial Supervisory Commission, total value of mobile payment transactions from January to September this year (2019) in Taiwan reached NT$76.14 billion. All these numbers show that mobile payment has really embedded into our daily lives.
The Executive Yuan has pledged to reach the goal of 90% mobile payment popularization by 2025. In order to attain this goal, 15 government agencies, including the National Development Council and the MOEA, are promoting mobile payment built on three main axes: Completing the Infrastructure; Expanding the Scope of Applications; and Enhancing Experiential Marketing.
In terms of mobile payment services usable by the public, one-click payments are already available for 114 payment categories, including household utilities, gas stations, taxes and fees. In terms of transport and tourism, mobile payment travel around Taiwan is now possible by just using a mobile phone: High Speed Rail, Taiwan Railways, Taoyuan Airport MRT, Kaohsiung Rapid Transit, and rest areas on National Freeways. In terms of everyday consumption, swipe-to-pay can now be carried out at four major convenience store chains, restaurant chains, over half of universities and colleges, and nearly 90% of hospitals. Tax regulations, laws, and information security systems are also being pro-actively put in place to build solid infrastructure for mobile payment.
MOEA Deputy Minister Wang pointed out in her opening speech that, from October this year onwards, the MOEA has collaborated with payment service providers in offering mobile payment rebates of 15% or more in 329 shopping districts. Beginning November 20, the MOEA will subsidize 10,000 food and retail vendors in those shopping districts with up to NT$30,000 for annual digital service system rental, in order to stimulate consumption and create more business opportunities.
Mobile payment is more than just an alternative method of payment for the public. Its greatest value lies in the data collected throughout the process which, once analyzed, can be used to predict consumer behavior and serve as a reference for government policy planning. We look forward to more innovative applications in the development of mobile payment in Taiwan.
