FSC forecasts non-cash payment to rise to NT$6tn in 2023By Kao Shih-ching / Staff reporterThe total of non-cash payments for private consumption might rise to NT$6 trillion (US$212.2 billion) in Taiwan in 2023, up from NT$3.85 trillion last year, the Financial Supervisory Commission (FSC) said on Thursday. The FSC has previously recorded payments by credit cards, stored-value cards such as EasyCard and iPass card, as well as electronic payment services Jkopay and Line Pay Money as non-cash payments, the commission said. If these transfers were considered in last year’s data, non-cash payment for private consumption would be NT$4.95 trillion, or 51.5 percent of total payments, he said. As more people prefer electronic payment tools and credit cards, non-cash payments might rise to NT$6 trillion in 2023, Lin said. More non-cash payments would benefit the economy in multiple aspects, as non-cash tools are more transparent and efficient, and the cost of producing coins and paper money would drop, he said.

Source: Taipei Times March 07, 2021 15:56 UTC