Line Pay Taiwan Limited, the top mobile payment service provider in Taiwan, has redefined how mobile users and merchants interact with digital finance, helping to usher in the future of mobile payments.
The successful initial public offering on the Taiwan Stock Exchange on Dec. 5 is the latest achievement for the company, which has consistently reached major milestones that set it apart from competitors.
Since launching in August 2015, Line Pay Taiwan has grown dramatically, with more than 12.7 million registered users -- over half of Taiwan’s population. In 2021, it became the first mobile payment provider in Taiwan to consistently generate operating profits.
Following strict regulatory procedures, the company celebrated its debut on the Taiwan Stock Exchange this month, with an IPO price of 508 New Taiwan dollars ($15.67) per share. Closing the day at NT$509, Line Pay Taiwan achieved a market capitalization of NT$34.6 billion, solidifying its position as a key player in the Taiwanese financial market.
“The IPO marked a significant milestone for Line, as Line Pay Taiwan became the first global service within the Line ecosystem to be listed on a stock exchange,” said Jeong Woong-ju, chairman and CEO of Line Pay Taiwan. “That success highlights nine years of relentless efforts and strategic growth since Line Pay Taiwan’s entry into the local market.”
Line Pay Taiwan’s success can be traced back to its strategic partnerships and innovative reward programs. One of its earliest breakthroughs came in 2016 when the company partnered with CTBC Bank, one of Taiwan’s largest financial institutions, to launch a co-branded credit card.
The card offered benefits including a 3 percent cashback reward in Line Points on all purchases, a game-changing feature in Taiwan’s credit card market at the time. The cute designs featuring Line Friends characters further boosted the card’s appeal to Taiwanese users, leading to the issuance of 5.4 million cards by 2023 -- making it the most-issued credit card in Taiwan.
Following that success, Line Pay Taiwan expanded its collaboration with other major banks, including Taipei Fubon Bank, Union Bank of Taiwan and Bank SinoPac. As of the end of this year, these partnerships have resulted in over 8 million Line Points reward cards issued. These cards not only rewarded users for every transaction but also kept them engaged within the Line Pay platform.
Beyond its partnerships, Line Pay Taiwan’s marketing efforts were pivotal in its rise to the top. Under the slogan “Everyday Line Pay Day,” the company ran over 700 marketing campaigns last year, offering Line Points as rewards to incentivize user spending and loyalty. These campaigns not only deepened user engagement, but also solidified trust among merchant partners, enabling Line Pay Taiwan to upscale its marketing initiatives year over year.
Looking ahead, Line Pay Taiwan is focusing on cross-border payments to enhance its global reach. Taiwanese users can now use Line Pay at merchant stores in Korea, such as CU convenience stores and Shilla Duty Free shops, and Korean users can enjoy seamless transactions at Line Pay-enabled stores in Taiwan using the Shinhan Card app.
“With our public debut on the Taiwan Stock Exchange, we aim to transform from being a payment provider into a global payment marketing platform,” the chairman said. “We will further expand the Line Pay ecosystem by developing more cross-border payment solutions for both domestic and international users.”
As Line Pay Taiwan continues to reach new achievements in the mobile payment industry, its journey from a local payment provider to a global payment marketing platform shows the boundless potential of the mobile payment ecosystem.
By Jie Ye-eun (yeeun@heraldcorp.com)
