Mobile Payments

[qwert_zuiop]

Something strange going on with JKoPay…

Parent firm's lawsuit casts doubt on JKoPay's business - Focus Taiwan

On Friday, E-life Corp. announced on Facebook that it would no longer use JKoPay. Later, major e-commerce platforms such as PChome, Shopee, and momo also dropped JKoPay as a payment option, followed by a herbal product company and a breakfast chain.

This wave of dissociation from JKoPay came a day after police officers executed a court-ordered seizure of assets belonging to its Taipei-based parent company, JKO FinTech Co., to enforce a NT$3.6 billion (US$123.24 million) claim at the request of Taisun Enterprise Co.

According to data compiled by the FSC, JKoPay ranked second in terms of digital wallet users in 2024, with 6.62 million – around 70,000 short of iPass Money – while leading Taiwan in total payment volume

The Taipei District Court ruled in May that Taisun’s 2023 acquisition of a 40-percent stake in JKO FinTech was invalid. The ruling ordered that JKO FinTech return NT$3.6 billion – the value of the shares – plus 5 percent annual interest to Taisun

Would be sad to see them disappear - they seem to be one of the more “foreigner friendly” epayment services out there (might be a stretch - but at least I remember being able to register without major hassle…)

[slawa]

@qwert_zuiop

Something strange going on with JKoPay…

Nothing directly with JkoPay.

The Taipei District Court ruled in May that Taisun’s 2023 acquisition of a 40-percent stake in JKO FinTech was invalid. The ruling ordered that JKO FinTech return NT$3.6 billion – the value of the shares – plus 5 percent annual interest to Taisun.

An acquisition from a different company was deemed invalid as the other company leadership was dysfunctional. It was just reversed.
Sucks for JkoPay as they got a huge financial injection from that. I imagine they will sue as it affected their operations.
Fault lies with Taisun leadership or rather lack of.

[qwert_zuiop]

@slawa

An acquisition from a different company was deemed invalid as the other company leadership was dysfunctiona

So JKOFinTech has nothing to do with JKOPay? What’s JKOFinTech doing then…?

[slawa]

The problem originated and lies with Taisun, not JKOFinTech.

[qwert_zuiop]

@slawa

The problem originated and lies with Taisun, not JKOFinTech.

Still, some vendors seem to be stopping acceptance of JKOpay as a result:

Carrefour, Mia C'bon suspend cooperation with JKoPay - Focus Taiwan

[slawa]

@qwert_zuiop

some vendors seem to be stopping acceptance of JKOpay

Some already fixed their anti-consumer mistake after they understood what has happened.

Some JKoPay partners resume cooperation after brief suspension - Focus Taiwan

[qwert_zuiop]

@slawa

Some already fixed their anti-consumer mistake after they understood what has happened.

Unfortunately, I have experienced that some merchantshave stopped accepting JKOPay. One example is the Bafang next door. The employee just stated that they went bankrupt and that’s why they don’t accept it anymore. LinePay still fine.

So it does seem that - whatever happened exactly - has definitely scared some merchants enough to stop accepting JKOPay…

[slawa]

Almost forgot about this event. I use JkoPay almost exclusively every day.
I haven’t experienced any issues or vendors not using it anymore.

Funny how that still works with a bankrupt company. Or just maybe that vendor is clueless.

[slawa]

[!quote] focustaiwan.tw
Line is also preparing to launch its own e-payment service, Line Pay Money. The new service will debut on Dec. 3

IPass Money to keep working with Line after service split, firm says - Focus...

[Mataiou]

replication of the most basic of actual fintech services without actual innovation. the plethora of such wallets providing very little differentiation (and mostly no inter-operability) is such a waste of potential and resources

[slawa]

People report issues signing up for the new Line Pay service.

Personally I just went through the process and did not have any issues. Linked 4 bank accounts. Each one had a slightly different process.

[qwert_zuiop]

@slawa

People report issues signing up for the new Line Pay service.

Great, another payment app. Just the thing we were desperately waiting for

Any reason to give this Line Pay Money a closer look?

[slawa]

@qwert_zuiop

Any reason to give this Line Pay Money a closer look?

#1 iPASS MONEY (formerly LINE Pay Money): ~6.98 million users
#2 JKoPay (街口支付): ~6.93 million users
#3 PXPay Plus (全支付): ~6.21 million users

I think new Line Pay Money will eventually take the crown again. LINE services are just too ingrained in Taiwanese lifestyle.

[Mataiou]

@slawa

Personally I just went through the process and did not have any issues. Linked 4 bank accounts. Each one had a slightly different process.

I can’t get past the bloody ARC input, keeps saying my APRC info are incorrect FFS. tried everything

[slawa]

@Mataiou

I can’t get past the bloody ARC input

New case for 🆔 New format for ARC/APRC number is not accepted--testing and reporting thread

[springonion]

@slawa

People report issues signing up for the new Line Pay service.

Didn’t even know LINE PAY had this new service until I read this thread.. Just went to my LINE WALLET and there was a notification asking me to upgrade to the new LINE PAY Service. After 10 mins, I’m all set to go

[Andrew]

@Mataiou

I can’t get past the bloody ARC input, keeps saying my APRC info are incorrect FFS. tried everything

I read on Reddit that you need to enter your name in all caps for the system to accept it lol. Is it maybe that?

[Mataiou]

yes, that worked, I replied to the other thread linked to this. Stupid system