Skip to content
barcoder

Payments/TW

Taiwan, Province of China

ISO TW · 3 schemes

Summary

  • TWQR is the national QR code standard (October 2023)
  • NT$442 billion processed in first 11 months of 2024
  • 52 financial institutions and 570,000+ merchants adopted
  • Taiwan Pay government-backed mobile payment
  • 80%+ mobile payment usage achieved by 2023

Banking landscape

Central Bank

  • Name: Central Bank of the Republic of China (Taiwan)
  • Website: https://www.cbc.gov.tw/
  • Role: Monetary policy, currency management

Financial Regulatory Authority

  • Name: Financial Supervisory Commission (FSC)
  • Role: Banking regulation, TWQR oversight

Major Banks (2024)

Rank Bank Name Type Digital Platform
1 Bank of Taiwan State-owned Taiwan Pay
2 Land Bank of Taiwan State-owned Taiwan Pay
3 Taiwan Cooperative Bank State-owned Taiwan Pay
4 First Bank State-owned Taiwan Pay
5 CTBC Bank Private CTBC Pay

Market Structure

  • State banks: Bank of Taiwan, Land Bank, Cooperative
  • Private leaders: CTBC, E.Sun, Cathay United
  • FISC: Financial Information Service Co. (TWQR operator)
  • 9 banks: Initial iPASS TWQR Travel Code partners

Payment infrastructure

National Payment Systems

System Operator Type Status
TWQR FISC Unified QR Active
Taiwan Pay FISC Government wallet Active
iPASS iPASS Corp Transit/Payment Active
EasyCard EasyCard Transit/Payment Active

TWQR Statistics (2024)

  • NT$442 billion in transactions (Jan-Nov 2024)
  • 20%+ growth compared to 2023
  • 52 financial institutions adopted
  • 570,000+ merchants participating

Government Targets

  • 8 billion non-cash transactions by 2026 (FSC)
  • 90% mobile payment by 2025 (set in 2017)
  • 80% usage achieved by 2023

QR code standards

TWQR (Taiwan QR Code Standard)

Attribute Value
Launch October 2023
Operator FISC (Financial Information Service Co.)
Participants 52 financial institutions
Merchants 570,000+

TWQR Features

  • Unified interoperable QR standard
  • P2P fund transfers
  • Government fees and taxes
  • Utility bill payments
  • In-store and online shopping

iPASS TWQR Travel Code (2025)

  • Launch: March 2025
  • Coverage: Kaohsiung Metro, Light Rail, Taichung Metro, New Taipei Metro, buses, ferries
  • Partners: 9 financial institutions
  • Incentive: 100% fare rebate (April 2024 - Dec 2025)

Cross-Border TWQR

Country Partner Status
South Korea BC Card Active (Jan 2024)
  • 13 Taiwanese financial institutions partnered
  • 35,000 merchants in South Korea
  • Led by Bank of Taiwan

Mobile payment apps

App Provider TWQR Users
Taiwan Pay FISC Yes Large
Line Pay LINE Yes 5M+
JKO Pay JKO Yes Growing
Pi Wallet PChome Yes Active
Apple Pay Apple Via banks Active

Taiwan Pay

  • Government-backed
  • TWQR integration
  • Tax and utility payments
  • Transit code feature

Private Wallets

  • Line Pay: Most popular (rewards-driven)
  • JKO Pay: E-commerce integration
  • Pi Wallet: PChome ecosystem
  • Stronger reward programs than Taiwan Pay

Schemes

Scheme Type Symbology Adoption Technical standard
TWQR Unified QR FISC 570K+ merchants twqr
Taiwan Pay Government wallet TWQR Growing taiwan-pay
iPASS TWQR Transit QR FISC/MOTC New (2025) —

Sources

Full country report

TW-taiwan.md

Schemes

Standards

Primary · 2

Mentioned · 1

source · docs/payments/TW/index.md