Chandigarh Herald

“Green World FinTech”: The Pioneer and Leader of Third-Party Payment Service in Taiwan

 Breaking News
  • No posts were found

“Green World FinTech”: The Pioneer and Leader of Third-Party Payment Service in Taiwan

August 26
05:29 2023

Over the past three years, the global COVID-19 pandemic has brought immense disruption to industries worldwide. However, it has also accelerated the development of non-face-to-face, contactless, and remote services, creating opportunities in the e-commerce sector. Consequently, the e-commerce industry has experienced remarkable growth. According to data from Euromonitor, Taiwan, with a population of just 23 million, achieved an e-commerce transaction volume of approximately $18.8 billion USD (585.5 billion NTD), ranking 20th globally in 2021. Furthermore, e-commerce also accounted for a significant 16% of the overall retail ratio (e-commerce penetration rate), positioning Taiwan in 18th place worldwide. These statistics underscore Taiwan’s rapid growth, with a notable highlight being that up to 70% of small and medium sized e-commerce businesses rely on a third-party payment service called “Green World FinTech, also known as ECPAY.”

Established in 1996, Green World FinTech was Taiwan’s earliest third-party payment service company. In 2011, it was acquired by MacroWell Technology, a TPEx-listed online gaming conglomerate that shifted its focus toward financial technology. This acquisition propelled Green World FinTech’s accelerated expansion, leading it to go public in 2022 and becoming the second TPEx-listed company within the conglomerate.

With years of experience in system integration, Green World FinTech holds several unique AI patents that aid businesses in mitigating credit card fraud and card skimming risks. It also obtained PCI-DSS certification and multiple cybersecurity accreditations. Its membership base, including merchants, corporate and individual users has grown to 380,000, solidifying its position as a leader in Taiwan’s payment service industry.

Distinct from other third-party payment service providers in Taiwan, Green World FinTech offers a wide range of e-commerce tools and resources, including OMO (Online Merge Offline) payment transaction services for merchant collections, electronic invoicing, gateways, and ticketing systems. It also provides domestic and international logistics, enabling package deliveries to destinations such as Singapore, Hong Kong and Malaysia, exemplifying the concept of 「Borderless Commerce with ECPAY: Pay anywhere, Thrive everywhere.」

As a result, Green World FinTech is considered an “arsenal of e-commerce,” providing essential system support through its membership account and becoming the preferred choice for numerous multinational corporations venturing into the Taiwanese e-commerce landscape. For example, the Canadian e-commerce platform, Shopify, recognized Green World’s payment stability and established a partnership to seamlessly integrate the payment service into Shopify stores. Similarly, Japan’s renowned health supplement company, Suntory, leveraged Green World’s recurring payment feature for subscription products, streamlining purchases process and ensuring consistent business performance.

Furthermore, luxury brands such as BMW use Green World’s payment system in Taiwan for securing deposits from buyers. Green World FinTech’s ability to collaborate with such premium brands demonstrates its unshakeable position as Taiwan’s leading payment service.

Despite a slight slowdown in e-commerce growth due to easing pandemic conditions in recent years, Green World FinTech remains resilient. It consistently achieves record-breaking performance, with profit exceeding twice its share capital annually. Beyond dominating online payments, it has expanded into offline transactions, including card terminals and electronic ticketing.

On top of that, it also actively invests in financial technology, e-commerce, payment services and related industries as well as establish cross-industry alliances and equity exchanges with Taiwan’s top enterprises to construct an ecosystem. This robust strategy is the key reason for Green World FinTech’s market leadership and its unwavering presence in Taiwan’s fiercely competitive e-commerce landscape.

In 2022, Green World FinTech achieved approximately 2.7 billion USD (84.1 billion NTD) in GMV and nearly 60 million transaction records. Going forward, it plans to leverage AI-driven data to de-identify its vast transaction records, providing valuable and efficient traffic insights to merchants. This presents a pivotal opportunity for Green World FinTech’s next phase of growth.

Moreover, Green World FinTech is eyeing the international market; actively seeking cross-border partnerships with overseas third-party payment providers, financial services companies, system integration firms, Gateway companies, e-commerce platforms and payment tools. This strategic approach aims to facilitate swift and cost-effective for overseas businesses into Taiwan, while also enabling Taiwanese enterprises to seamlessly expand their payment integration on a global scale.

Website: https://www.ecpay.com.tw

For Partnership Inquiries: [email protected]

Media Contact
Company Name: Green World Fintech Service Co., Ltd.
Contact Person: Liang Wei Cheng
Email: Send Email
Phone: 886-2-26550557
Country: Taiwan
Website: https://www.ecpay.com.tw

Related Articles