Taipei mayor pledges to minimize cash transactions at city markets

台北市長承諾盡量減少城市市場的現金交易

Taipei Mayor Ko Wen-je reaffirmed his commitment to “make cash and coin disappear” from business transactions in Taipei City during the inauguration ceremony for smart payment services at the Taipei Fish Market

TAIPEI (Taiwan News)—Taipei Mayor Ko Wen-je (柯文哲) reaffirmed his commitment to “make cash and coin disappear” from business transactions in Taipei City during the inauguration ceremony for smart payment services at the Taipei Fish Market on December 11.

At the fish market , which is the first fish market in the nation to accept smart payment methods, transactions by sales agents may be processed through bank GIRO transfers in the future. The arrangement also allows for services such as providing flexible credit limits by financial institutions for sales agents.

The market sees visits by over 1,700 sales agents to secure supplies of fishery products, according to Ko. With annual transactions reaching 25,700 metric tons and roughly NT$3 billion changing hands, transactions often involve large amounts of cash and checks brought by sales agents for payment during wee hours. On the other hand, it takes staff members two to three days to complete the bookkeeping. Therefore, the introduction of smart payments will not only speed up the transactions but also enhance the security of future transactions.

The employment of e-commerce tools allows for faster and safer transactions, while big data analysis allows observers to acquire a better understanding on the trends of the industry, Ko said.

He thanked Bank Sinopac and Taipei Fish Market for working with the city government on the project and upgrading related software, adding that he hopes to push the measure to other wholesale markets such as the Taipei Flower Market and the Fruit and Vegetable Wholesale Market in the future.