Mobile payments overtake cash in Taiwan for small buys

台灣小額購物行動支付取代現金支付

TAIPEI (Taiwan News) — Mobile payments in Taiwan have surpassed cash for transactions under NT$50 (US$1.60) for the first time, the Market Intelligence and Consulting Institute said Tuesday.

The survey found more than 92% of Taiwanese have used mobile payments, with 46% choosing them for transactions under NT$50 compared with 42% for cash, per CNA. The trend reflects a steady shift away from coins toward digital wallets.

MIC said 69% of respondents reported using mobile payments more often, while 51% said they reduced cash use. Spending is also skewing toward smaller amounts, with 91% of average transactions under NT$1,000 and the fastest growth in payments below NT$200.

Cross-border payments are also gaining traction, rising from 12% of consumers in 2023 to 19% this year. MIC attributed the increase to a rebound in overseas travel and expanded services from local providers, with nearly 60% of users making payments in Japan, followed by South Korea.

The survey also found that most people keep their app use limited, with 86% using five or fewer mobile payment services and 61% relying on three or fewer. The share of heavy users with six or more apps in rotation rose slightly to 14%, showing modest diversification in the market.