# Taiwan, Province of China — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/TW
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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](https://docs.barcoder.ai/docs/payments/TW/twqr) | Unified QR | FISC | 570K+ merchants | [`twqr`](https://docs.barcoder.ai/docs/standards/twqr) |
| [Taiwan Pay](https://docs.barcoder.ai/docs/payments/TW/taiwan-pay) | Government wallet | TWQR | Growing | [`taiwan-pay`](https://docs.barcoder.ai/docs/standards/taiwan-pay) |
| [iPASS TWQR](https://docs.barcoder.ai/docs/payments/TW/ipass-twqr) | Transit QR | FISC/MOTC | New (2025) | — |

## Sources

- [AmCham Taiwan - Mobile Payments](https://topics.amcham.com.tw/2025/10/taiwans-mobile-payments-from-boom-to-balance/)
- [Taipei Times - iPASS QR Launch](https://www.taipeitimes.com/News/taiwan/archives/2025/03/25/2003834016)
- [Focus Taiwan - iPASS QR](https://focustaiwan.tw/business/202503240022)
- [Taipei Times - TWQR Korea](https://www.taipeitimes.com/News/biz/archives/2024/02/01/2003812905)
- [GlobeNewswire - Taiwan Cards 2025](https://www.globenewswire.com/news-release/2025/09/08/3146007/28124/en/Taiwan-Cards-and-Payments-Opportunities-and-Risks-Analysis-Report-2025.html)
- [GlobeNewswire - Taiwan Cards 2024](https://www.globenewswire.com/news-release/2024/12/02/2989571/28124/en/Taiwan-Cards-and-Payments-Market-Opportunities-and-Risks-to-2028.html)
- [My Taiwan Life - iPASS Transit](https://www.mytaiwanlife.com/news/pages/en/4peWkdZ/taiwan-s-ipass-revolutionizes-public-transit-with-qr-code-payments/)
- [GlobalData - Taiwan Cards](https://www.globaldata.com/store/report/taiwan-cards-and-payments-market-analysis/)
- [FISC - Taiwan Pay](https://www.fisc.com.tw/)
- [Yahoo Finance - Taiwan Cards Report](https://uk.finance.yahoo.com/news/taiwan-cards-payments-opportunities-risks-112100332.html)

## Full country report

[TW-taiwan.md](https://docs.barcoder.ai/docs/payments/TW)