MIC (Market Intelligence & Consulting Institute), a Taipei-based government-backed IT research institute, conducted a survey on mobile payment apps in the third quarter of 2018 and the results suggest that Taiwan's top five most popular mobile payment apps in 2018 were Line Pay (22.3%), Apple Pay (19.9%), JKoPay (19.7%), Google Pay (9.1%), and Taiwan Pay/Taiwan Mobile Payment (4.7%).
During 2018, there were two major trends observed. One is that Taiwan local mobile payment service providers had succeeded in catching up with international counterparts. Although Line Pay continued its leadership in 2018, JKoPay enjoyed the largest growth rate with its market share increased by nearly 10% in 2018 compared to 2017 and Taiwan Pay also managed to squeeze into the top five.
The second trend is that the mobile payment market became more concentrated in 2018 compared to 2017 with the consolidated share of the top-three vendors growing from 53.5% in 2017 to 61.9% in 2018 and that of the top-give vendors also growing from 64.8% in 2017 to 75.7% in 2018.
