Triple Stimulus Voucher Mobile Payments Yield Astonishing Results--Kaohsiung New Yan Cheng Circle Revenues Double in 2nd Half of 2020

TAIPEI,July 7,2021 -- To respond to Taiwan's epidemic prevention measures and ease the challenges facing the shopping district due to the spread of COVID-19,Kaohsiung's New Yan Cheng Circle Prosperity Union introduced Triple Stimulus Voucher mobile payments in stores in July 2020,successfully turning the tables on what could have been very difficult times. Sales at the Circle increased by 20% in less than a month. Following that,a series of festive events proved to be highly popular among local customers,resulting in an astonishing doubling of revenues for the stores in the second half of 2020.

New Yan Cheng Circle was founded in 2008. The shopping district covers an area of 2 square kilometers centered on the intersection of Daren Road and Dazhi Road. The proximity of the KRTC's Yanchengpu Station makes transportation to and from the circle convenient. A hundred merchants,including food vendors,are regularly open for business in the Circle. As a distinctive tourist attraction whose offerings include traditional foods,Golden Street,Ladies Street,Milk Tea Street,and legal homestays,the Circle has created a vibrant and youthful shopping district that embraces traditional stores and local culture.

Xie Wen-Chun,who was the initiator of the Circle and is the Chairwoman of the New Yan Cheng Circle Prosperity Union says,"The COVID-19 outbreak initially led to an 80% drop in revenues. However,thanks to the Triple Stimulus Voucher,monthly revenues in stores have since bounced back by 30 to 40 percent and the shopping district gained sales of nearly 30 million NT dollars."

Even before COVID-19,Xie had noticed the rise of e-commerce and digital marketing,and planned to introduce mobile payment to promote digital transformation in small and medium businesses. She also promoted LINE Pay to the stores and held cross-industry cooperation events to attract consumers and to encourage the use of mobile payments. In the second half of 2020,several events,such as the Chinese Valentine's Day event of August 2020,were held. These events led to an increase in consumer spending at the Circle,and the number of stores using LINE Pay grew from 65 to 76.

Xie has high hopes for the future of New Yan Cheng Circle. She notes that "next,the Union will follow the regulator's guidance measures by introducing network technology to assist stores in using digital payments and cooperating with our local partners and mobile payment companies to build a new business ecosystem. By doing so,we can provide new information,products,and services that benefit consumers,stores,and the entire shopping district."

In a response to the Covid-19,Xie Wen-Chun,the initiator of New Yan Cheng Circle and the chair of the New Yan Cheng Circle Prosperity Union,actively promotes mobile payment,enabling each and every consumer to enjoy everything on offer in the shopping district simply by paying with mobile phone.