What payment method is used in Taiwan?

Unveiling Taiwan’s Payment Landscape: Unveiling the Predominance of Cash and the Rise of Digital Options

When planning a trip to Taiwan, understanding the prevalent payment methods is crucial for a seamless financial experience. In this bustling country, a diverse range of payment options is available, catering to both local residents and international visitors.

Cash Remains King

Despite the increasing popularity of digital payment methods, cash remains the predominant payment method in Taiwan. Local businesses, from small street vendors to mid-sized shops, widely accept cash. It is advisable to carry a sufficient amount of local currency in cash, especially for smaller transactions.

Credit Cards: A Convenient Option

Credit cards are widely accepted in Taiwan, particularly in larger establishments such as shopping malls, restaurants, and hotels. International credit cards, including Visa, Mastercard, and American Express, are generally accepted. However, it is worth noting that some smaller businesses may not accept credit cards, especially in rural areas.

IC Cards: The Multipurpose Payment Option

IC cards, prepaid cards designed for transportation and shopping, have gained significant popularity in Taiwan. These cards can be used on public transportation, including buses, metro, and trains. Additionally, IC cards are accepted at many convenience stores, supermarkets, and small businesses. EasyCard, iPass, and iCash are among the most popular IC cards in Taiwan.

Mobile Payments: A Growing Trend

Mobile payments are gaining traction in Taiwan, with services like LINE Pay, Apple Pay, and Google Pay becoming increasingly popular. These services allow users to make payments using their smartphones, linked to their bank accounts or credit cards. While mobile payments are not as prevalent as cash or IC cards, they are becoming more widely accepted in various establishments.

Exchanging Currency: A Cost-Effective Measure

When exchanging currency for your trip to Taiwan, it is recommended to do so in Thailand rather than Taiwan. Currency exchange rates tend to be more favorable in Thailand, allowing you to save money on your currency conversion.

Choosing the Optimal Payment Method

The optimal payment method for your trip to Taiwan depends on your individual preferences and financial situation. If you prefer the convenience and security of digital payments, consider using credit cards or IC cards. However, if you plan to explore rural areas or visit smaller businesses, carrying sufficient cash is advisable. Ultimately, a combination of cash and digital payment options will provide you with the flexibility and convenience you need during your stay in Taiwan.