How did Taiwan make cashless payments cool?

At 7-eleven Small store in Taiwan, you can pick up 4-inch Plushie from MiffyRabbit character from Holland, Small bento box charm Complete with realistic chicken bat, or Small plastic rotary phone. Produced by iCash Corporation (a subsidiary of 7-Eleven), these keychains are more than just a trinket: Each contains a contactless chip that links them to Taiwan’s elaborate stored-value payment system.

iCash cards, along with those made by competitors such as EasyCard and iPASS, can be used to ride the subway and buses, as well as to make purchases at convenience stores and other retailers in Taiwan. Premium brand keychains, which cost from $10 to more than $30, generate modest direct sales. But its real value lies in its marketing power, drawing shoppers deeper into 7-Eleven stores Ecosystem rewards And keep small payments within its orbit.

Decentralization and deep localism

Over the past decade, iCash Corporation and its competitors have turned dozens of everyday products in Taiwan into limited-edition keychains. Many of them are miniature versions of snacks and household items available at 7-Eleven stores, such as a can of Super Supau sports drink, a tube of Darlie toothpaste, and a classic Uni-President yellow pudding cup. Those who prefer something a little more whimsical can get a small set of toilet paper, or a doll-sized Scotch-Brite kitchen sponge. When I lived in Taipei for a few months last year, I used to pay for things with a bag of crinkle-cut potato chips.

iCash Corporation has also licensed Sanrio characters such as Hello Kitty and Cinnamoroll, as well as Pikachu from Pokémon and Stitch from Disney’s Lilo & Stitch. One of my favorite Taiwanese payment cards isn’t even a keychain at all, but rather a plastic version of a Sailor Moon wand made by EasyCard, which lights up (naturally) when a transaction is completed.

I’ve been obsessed with these new keychains and toys ever since I started reporting on Taiwan several years ago. It’s the most cheerful side effect of the island’s move toward cashless payments, and it shows how different Taiwan’s digital infrastructure is from that of China. Almost every consumer transaction in China is through Alibaba or Tencent, two tech giants that have a near monopoly on payments. Whether you’re buying a bowl of noodles from a street stall or a designer handbag in a Shanghai store, you’ll always find a QR code for Alipay and WeChat Pay.

In contrast, Taiwan has developed a multi-network of NFC cards and mobile wallets layered on top of a dense transit system and network of convenience stores. The result is a tangible, decentralized and deeply local cashless framework. In Taipei, people often “tap” to pay, while in Beijing, they “scan.” At least in some respects, Taiwan’s technology is arguably no less complex than China’s. In fact, Alibaba followed Al Jazeera’s lead last year and launched its own payment method.