FSC predicts non-cash payments to reach NT $ 6 billion in 2023

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  • By Kao Shih-ching / Journalist

Total non-cash payments for private consumption could reach NT $ 6 trillion ($ 212.2 billion) in Taiwan in 2023, from NT $ 3.8 trillion last year, the government said on Thursday. Financial Supervisory Commission (FSC).

The commission predicted that non-cash payments would reach 52% of the country’s private consumption by the end of last year, but its data showed it was only 40%, the director said. General of the Planning Department, Lin Chih-chi (林志吉) mentioned.

The FSC previously recorded payments by credit cards, stored value cards such as EasyCard and iPass, as well as electronic payment services Jkopay and Line Pay Money as non-cash payments, the commission said.

Photo: Chang Jing-ya, Taipei Times

Since most online stores accept wire transfer payments, the FSC will now also consider certain wire transfers to be non-cash payments intended for private consumption, the commission said.

“It was not easy to decide which ATM transfers should be recorded as non-cash payments for consumption, but transfers from private accounts to business accounts probably meet the criteria,” Lin said.

Of the total NT $ 9.4 trillion interbank bank transfers, NT $ 1.1 trillion, or 11 percent, came from private to business accounts, he said.

If these transfers were factored into last year’s data, non-cash payments for private consumption would amount to NT $ 4.95 trillion, or 51.5% of total payments, a he declared.

As more and more people prefer electronic payment tools and credit cards, non-cash payments could reach NT $ 6 trillion in 2023, Lin said.

More non-cash payments would benefit the economy in several ways, as non-cash tools are more transparent and efficient, and the cost of producing coins and paper money would decrease, he said. -he declares.

Electronic payment companies including Jkopay Co (街口 電子 支付) and Line Biz + Taiwan Ltd (連 加 網路) will launch a cross-platform transfer mechanism later this year, Lin said.

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