Taiwan

Currently, there are two instant payment schemes operating in Taiwan under the umbrella of the Financial Information Service Company, a multipurpose fund transfer system that processes a range of electronic fund transfers through several sub-systems. While the Interbank ATM Funds Transfer System allows customers to conduct various transactions including fund transfers and payments in real time at ATMs and via online banking channels, Financial XML facilitates interbank fund transfers between businesses in real time.

Despite the availability of real-time payments in Taiwan since 1987, they still only account for a 7.9% share of the total payments volume of transactions in 2023, a small increase from its 2022 share. This can be attributed to limited real-time payment use cases and increasing popularity for payment cards and especially mobile wallets. Real-time payments volume share is expected to reach 10.3% by 2028, as the use cases for real-time payments in the country continue to focus on high-value, low-volume payments such as P2P and bill payments. Recently, the Taiwanese QR code mobile payments service TWQR was launched in South Korea. The integration of TWQR into the Korean payments system is expected to further encourage tourism and spending from Taiwan.