Young Taiwanese are spending less with digital payment platforms this year, as a cooling local economy shrinks their consumption, according to a survey Tuesday.
Taiwanese aged from 20 to 34 years-old spent less via online payment platforms, using them more for money management this year compared with last year, according to the poll by local magazine Global Views in partnership with E.Sun Bank.
They were spending more of their money on food. Last year 55 percent of digital payments were on food, and this year it had risen to 65 percent, due to increasing application of digital payments in restaurants and supermarkets. However, spending on clothes, education and entertainment fell, due to restrained purchase power in a sluggish local economy, according to the survey.
Mobile apps have overtaken ATMs and computers as the most popular choice for cash transfers and payments.
The overall level of application of digital finance among Taiwanese edged up this year, but was still below a rational level, according to the survey.
The local government passed a preliminary review for a draft bill for a regulatory sandbox last week, which will permit the development and testing of fintech solutions without full compliance. The initiative aims to provide an optimum regulatory environment for startups developing prototype financial technology for wider application.
