SFP+ Connector: The Beginning of the E-payment Era

Author：admin / time：2021-07-12 / The number of clicks：469

E-payment was first introduced worldwide in 2017 and since then, electronic currencies have become widely used in various transactions. In fact, e-payment systems like Alipay and WeChatPay are very popular in Mainland China. People can easily make payments by scanning QR codes wherever they are, even while standing on a street. E-payment method will become a trend around the world. When COVID-19 emerged at the end of 2019, people started using mobile payment to avoid contact with other people and to prevent the spread of the disease. It is expected that more people would use payment methods like mobile wallets and credit cards more often in the future. Despite the worsening pandemic situation in 2020, money flow through mobile payment remained positive throughout the year. To keep our readers updated, SFP+ Connector Technologies will introduce the concept of mobile payment in Taiwan in this article.

 

What is Mobile Payment?

Mobile payment means using portable gadgets like smartphones, tablets and other types of computers as devices for making payments instead of cash and credit cards. Any type of apps that allow consumers to pay using their mobile gadgets can be regarded as a type of mobile payment.

 

The most common methods in Taiwan are QR code payments and NFC contactless payments.

 

With the first mode of payment, users show a QR Code by means of an App on a mobile device so that a merchant could scan it to facilitate payment. With the NFC contactless payment, consumers link the credit card or debit card to a mobile device, and payment can be completed using a sensor.

 

What are the Common Types of Mobile Payment?

The most common types of NFC contactless payment are Apple Pay, Google Pay, and Samsung Pay. Consumers can facilitate payment by placing their smartphone near a sensor at the counter. Common smartphone apps for QR Code payment include Line Pay, JKOPAY, Pi Wallet, and SKM Pay; these apps allow merchants to receive payment by scanning a QR code.

 

Where can customers use mobile payment?

Most convenience stores, department stores, and 3C electronic product stores in Taiwan allow customers to use mobile payment. In fact, in addition to major department stores and retail shops that carry brand name products, more and more merchants are encouraging customers to purchase via mobile payment by offering them high cash back rewards when using major credit cards in hopes of helping them get accustomed to using a mobile payment system. Receiving rebates when paying for daily necessities such as food, clothing, accommodation, and transportation makes life more convenient. 

 

Mobile payment has become popular in Taiwan, but mobile payment platforms have yet to reach 100% mainstream adoption. Many stores in Taiwan still use traditional payment methods like cash and credit card. A gentle reminder from SFP+ Connector Technologies to all readers in Taiwan:  remember to bring your actual wallets to save yourself from embarrassment when you need to pay for your meal and discover that you have no money!