What is the best way to pay in Taiwan?

11 Mar 2024 By PAYCEC

Taiwan, a technological hub with a vibrant digital economy, offers a plethora of payment options for both locals and visitors. From traditional methods like cash to cutting-edge digital solutions, choosing the best way to pay in Taiwan involves considering factors such as convenience, acceptance, security, and personal preferences:

• Cash:

Cash remains a widely accepted and commonly used payment method in Taiwan. Many small vendors, local markets, and traditional establishments prefer cash transactions. Carrying a reasonable amount of New Taiwan Dollars (TWD) can be advantageous, especially in more remote or rural areas where electronic payment options may be limited.

• Credit and Debit Cards:

Credit and debit cards are widely accepted in urban areas and major cities. International credit cards from major networks like Visa, Mastercard, and UnionPay are generally recognized. However, it's advisable to inform your bank about your travel plans to ensure seamless card transactions. Cards are commonly used for larger purchases, in department stores, and at modern retail outlets.

PayCEC is the leading payment gateway in Taiwan. PayCEC enables the rapid acceptance of global payments within seconds, serving as an optimal payment solution for your business by ensuring immediate processing of online transactions across various payment methods. With a focus on security, PayCEC provides safeguards to enhance the overall safety of your transactions. The dynamic pricing feature is strategically crafted to give your business a competitive advantage. PayCEC involves setup and account management fees, along with a transaction fee in USD. The standard plan is tailored for businesses with EU-based company operations and local EU/Non-EU resident owners. It offers free setup, a $50 monthly account management fee (with a 3-month free trial), and a transaction fee of 5.9% plus $0.35.

• Mobile Payment Apps:

Mobile payment apps have gained significant popularity in Taiwan. Apps like LINE Pay, Apple Pay, Google Pay, and Samsung Pay offer a convenient and secure way to make transactions. These apps are widely accepted in various establishments, from restaurants to convenience stores. Integrating your credit card or bank account with a preferred mobile payment app can streamline your financial transactions during your stay in Taiwan.

• IC Cards (Smart Cards):

IC cards, such as the EasyCard and iPASS, are contactless smart cards widely used for public transportation, including buses and metro systems. These cards have expanded beyond transportation and can be used for small purchases at convenience stores, vending machines, and even some restaurants. Having an IC card provides a hassle-free way to navigate public transportation and make quick, low-value transactions.

• Bank Transfers:

Bank transfers, whether online or in-person at a bank branch, are a secure option for larger transactions or when making payments to local businesses. Many people in Taiwan use online banking platforms for convenience. This method is particularly useful for paying bills, transferring funds, or conducting more substantial financial transactions.

• Prepaid Cards:

Prepaid cards, such as prepaid credit cards or gift cards, can be a convenient option for controlled spending. Some international brands offer prepaid cards that can be used at various establishments. However, it's essential to check the acceptance of these cards at specific locations.

• Cash on Delivery (COD):

Cash on Delivery is a prevalent payment method for online shopping in Taiwan. This method allows customers to pay for their purchases in cash upon delivery. While convenient for consumers, it's crucial to note that not all online retailers offer COD, and some may charge an additional fee for this service.

• Foreign Currency Exchange:

For tourists, exchanging some currency into New Taiwan Dollars upon arrival can be beneficial for small expenses and places that prefer cash payments. While credit cards are widely accepted, having some local currency on hand can be advantageous in certain situations.

Choosing the best way to pay in Taiwan ultimately depends on the specific context of your transactions, personal preferences, and the level of convenience you seek. For everyday transactions, a combination of cash, credit/debit cards, and mobile payment apps can provide flexibility and cater to different merchant preferences. If you plan on using public transportation frequently, an IC card can simplify your commuting experience.

It's crucial to stay informed about the payment methods accepted at your destination, especially in more rural areas or with smaller businesses. Whether you prefer the modern convenience of mobile payments or the familiarity of cash, Taiwan's diverse payment landscape ensures that you can find the best way to pay based on your needs and circumstances.