At a 7-Eleven At a supermarket in Taiwan you can buy a 4-inch plush toy of Nijntje, the bunny from the Netherlands, a mini bento box charm complete with a realistic chicken drumstick, or a small plastic rotary phone. Manufactured by iCash Corporation (a 7-Eleven affiliate), these key fobs are more than just trinkets: each contains a contactless chip that connects it to Taiwan's vast stored-value payment system.
iCash cards, along with those from competitors such as EasyCard and iPASS, can be used to travel on the subway and buses, as well as make purchases at convenience stores and other retailers in Taiwan. The over-the-top branded key fobs, which cost anywhere from $10 to more than $30, generate modest direct sales. But their real value lies in their marketing power, which draws shoppers deeper into 7-Eleven's rewards ecosystem and keeps small payments within its reach.
Decentralized and deeply local
Over the past decade, iCash Corporation and its rivals have turned dozens of everyday products into limited-edition keychains in Taiwan. Many are miniature versions of snacks and household items available at 7-Eleven stores, such as a can of Super Supau sports drink, a tube of Darlie toothpaste and a cup of Uni-President's classic yellow pudding dessert. Those who prefer something a little stranger can buy a small pack of toilet paper, or a doll-sized Scotch-Brite kitchen sponge. When I lived in Taipei for a few months last year, I paid for everything with a bag of crumpled chips.
iCash Corporation has also licensed Sanrio characters such as 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, that lights up (obviously) when you complete a transaction.
I've been obsessed with these keychains and new toys ever since I started reporting on Taiwan several years ago. They're the best side effect of the island's move toward cash payments, and they show just how different Taiwan's digital infrastructure is from China's. Almost every consumer transaction in China is done through Alibaba or Tencent, two technology giants that have a virtual monopoly on payments. Whether you're buying a bowl of noodles from a street stall or a designer bag from a Shanghai boutique, you'll almost always find both an Alipay and a WeChat Pay QR code.
Taiwan, on the other hand, has developed a pluralistic network of NFC cards and mobile wallets, on top of its dense transportation system and network of convenience stores. The result is a cashless framework that is tangible, decentralized, and deeply local. In Taipei, people often 'tap' to pay, while in Beijing they 'scan'. In some ways, at least, Taiwan's technology is as advanced as China's. Alibaba even followed the island's lead last year and launched its own tap payment method.
