SFP Connector Technologies: Electronic Payment
Author：admin / time：2021-07-09 / The number of clicks：317
With the prevalence of mobile devices and SFP connectors in the 21st century, online services have replaced traditional methods. Nowadays, people can even make payments using their smartphones or tablets. In the previous article, we introduced the concept of mobile payment. In today’s SFP Connector Technologies article, we will focus on one type of mobile payment in Taiwan—electronic payment.
What is electronic payment?
Electronic payment is a type of mobile payment. However, these two terms cannot be used interchangeably. Mobile payment means paying through a mobile device, while electronic payment means supporting services like money transfer and deposit in accordance with the regulation of the Financial Supervisory Committee of Taiwan. Any institution that wants to offer electronic payment services should obtain an electronic payment license first.
The concept of electronic payment is similar to having a digital account. Not only can we transfer money to other people but we could also save money in our own account, make online payments, or apply such techniques to other transactions.
What are the common types of electronic payment?
Line Pay is one of the commonly used forms of electronic payment. Users have to open a virtual account and cash in before they can use Line Pay to make payments or transfer money to other people’s accounts. The app allows users to add money to their Line Pay accounts by connecting them to their bank accounts. Users can also link Line Pay to their credit cards. They just need to open a Line Pay app and choose to pay using credit card to activate the QR code generator for merchants to scan. Then, payment is completed and the amount is added to the users’ credit card bill.
Jkopay is another type of electronic payment frequently used in Taiwan. It has partnered with several banks to launch a service that offers customers a high cashback rate for their purchases. As long as customers link their new credit cards to electronic payment platforms associated with the bank, they can enjoy cashback rewards whether they shop at brick-and-mortar stores or online stores. This motivates customers to shop more.
An estimated figure released by the Financial Supervisory Committee in September 2019 indicated that the amount of purchases and value that reached electronic accounts hit a record high. The performance of collaborative projects between banks and electronic payment platforms was also impressive. The main reason behind this success is the convenience that these payment methods offer to customers. Users have become accustomed to linking their credit cards to their mobile devices and receiving cashback rewards through various channels. The amount of purchases and value in using the electronic payment system keeps increasing.
The next article on SFP connector technology will introduce other types of mobile payment in Taiwan. A gentle reminder to all our readers: Although mobile payment methods are quite easy and convenient to use, we still have to be sensible shoppers and refrain from impulse buying!