How Taiwan Made Cashless Payments Cute | EUROtoday

At a 7-Eleven comfort retailer in Taiwan, you possibly can choose up a 4-inch plushie of Miffy, the bunny character from the Netherlands, a mini bento field appeal full with a practical hen drumstick, or a tiny plastic rotary cellphone. Produced by iCash Corporation (a 7-Eleven affiliate), these keychains are extra than simply trinkets: Each incorporates a contactless chip that connects it to Taiwan’s elaborate stored-value cost system.

iCash playing cards, together with these made by opponents like EasyCard and iPASS, can be utilized to experience the subway and buses, in addition to to make purchases at comfort shops and different retailers in Taiwan. The over-the-top branded keychains, which value anyplace from $10 to over $30, generate modest direct gross sales. But their actual worth lies of their advertising and marketing energy, drawing consumers deeper into 7-Eleven’s rewards ecosystem and protecting small funds inside its orbit.

Decentralized and Deeply Local

Over the previous decade, iCash Corporation and its rivals have turned dozens of on a regular basis merchandise in Taiwan into limited-edition keychains. Many are miniature variations of snacks and home goods obtainable at 7-Eleven shops, equivalent to a can of the sports activities drink Super Supau, a tube of Darlie toothpaste, and a cup of Uni-President’s traditional yellow pudding dessert. Those preferring one thing weirder can get a teeny package deal of bathroom tissues, or a doll-sized Scotch-Brite kitchen sponge. When I lived in Taipei for a couple of months final yr, I paid for issues with a bag of crinkle-cut potato chips.

iCash Corporation has additionally licensed Sanrio characters like Hello Kitty and Cinnamoroll, in addition to Pikachu from Pokémon and Stitch from Disney’s Lilo & Stitch. One of my favourite Taiwanese cost playing cards isn’t even a keychain in any respect—it’s a plastic model of Sailor Moon’s wand made by EasyCard, which (naturally) lights up if you full a transaction.

I’ve been obsessive about these keychains and novelty toys since I started reporting on Taiwan a number of years in the past. They’re probably the most pleasant aspect impact of the island’s transfer towards cashless funds, they usually exhibit simply how totally different Taiwan’s digital infrastructure is from China’s. Nearly each client transaction in China occurs via both Alibaba or Tencent, two tech giants which have a close to monopoly on funds. Whether you’re shopping for a bowl of noodles at a avenue stall or a designer purse in a Shanghai boutique, you’ll virtually all the time discover each an Alipay and WeChat Pay QR code.

In distinction, Taiwan has developed a pluralistic community of NFC playing cards and cell wallets layered atop its dense transit system and community of comfort shops. The result’s a cashless framework that’s tactile, decentralized, and deeply native. In Taipei, individuals usually “tap” to pay, whereas in Beijing, they “scan.” At least in some methods, Taiwan’s know-how is arguably simply as subtle as China’s. In reality, Alibaba adopted the island’s lead final yr and launched its personal faucet cost technique.