How Taiwan Made Cashless Payments Cute

At a 7-Eleven convenience store in Taiwan, you can pick up a 4-inch plushie of Miffy, the bunny character from the Netherlands, a mini bento box charm complete with a realistic chicken drumstick, or a tiny plastic rotary phone. Produced by iCash Corporation (a 7-Eleven affiliate), these keychains are more than just trinkets: Each contains a contactless chip that connects it to Taiwan’s elaborate stored-value payment system.

iCash cards, along with those made by competitors like EasyCard and iPASS, can be used to ride the subway and buses, as well as to make purchases at convenience stores and other retailers in Taiwan. The over-the-top branded keychains, which cost anywhere from $10 to over $30, generate modest direct sales. But their real value lies in their marketing power, drawing shoppers deeper into 7-Eleven’s rewards ecosystem and keeping small payments inside its orbit.

Decentralized and Deeply Local

Over the past decade, iCash Corporation and its rivals have turned dozens of everyday products in Taiwan into limited-edition keychains. Many are miniature versions of snacks and household items available at 7-Eleven stores, such as a can of the sports drink Super Supau, a tube of Darlie toothpaste, and a cup of Uni-President’s classic yellow pudding dessert. Those who prefer something weirder can get a teeny package of toilet tissues, or a doll-sized Scotch-Brite kitchen sponge. When I lived in Taipei for a few months last year, I paid for things with a bag of crinkle-cut potato chips.

iCash Corporation has also licensed Sanrio characters like Hello Kitty and Cinnamoroll, as well as Pikachu from Pokémon and Stitch from Disney’s Lilo & Stitch. One of my favorite Taiwanese payment cards isn’t even a keychain at all—it’s a plastic version of Sailor Moon’s wand made by EasyCard, which (naturally) lights up when you complete a transaction.

I have been obsessed with these keychains and novelty toys since I began reporting on Taiwan several years ago. They’re the most delightful side effect of the island’s move toward cashless payments, and they demonstrate just how different Taiwan’s digital infrastructure is from China’s. Nearly every consumer transaction in China happens through either Alibaba or Tencent, two tech giants that have a near monopoly on payments. Whether you’re buying a bowl of noodles at a street stall or a designer purse in a Shanghai boutique, you will almost always find both an Alipay and WeChat Pay QR code.

In contrast, Taiwan has developed a pluralistic network of NFC cards and mobile wallets layered atop its dense transit system and network of convenience stores. The result is a cashless framework that is tactile, decentralized, and deeply local. In Taipei, people often “tap” to pay, while in Beijing, they “scan.” At least in some ways, Taiwan’s technology is arguably just as sophisticated as China’s. In fact, Alibaba followed the island’s lead last year and launched its own tap payment method.