Taiwanese government invests in domestic mobile payments

LG Pay

The Taiwanese government has planned to promote adoption of mobile payments by subsidising transaction fees to make in-store mobile payments more attractive to consumers.

Government departments can help promote mobile payments by subsidising transaction fees or selecting stores based on whether they provide mobile payment options, as well as by offering discounts for mobile payments. The Ministry of Finance will provide a tax incentive to small businesses by allowing them to continue paying 1% in business tax, even if their business expands, as long as they provide mobile payment options to customers.

Taiwan is ripe for mobile payment adoption, and government incentives could create an effective way of encouraging consumer use.