LINE Pay Taiwan Corp. reported its strongest monthly revenue in December since going public, driven by increased consumer spending on winter clothing and rising pet-related transactions.
The digital payments provider recorded NT$617 million ($19.7 million) in revenue for December, up 40.7% from a year earlier, according to its first earnings report since its December 5 IPO. Full-year revenue climbed 31.8% to NT$6.3 billion.
The company’s payment network has expanded to more than 590,000 locations across Taiwan. Weekly transaction volumes for winter apparel jumped 45% in December, while pet-related purchases rose 20%, company officials said. Department stores, outlets and restaurants also saw transaction growth exceed 20% during the year-end shopping season.
LINE Pay Taiwan shares have rebounded above their IPO price of NT$508 after initial declines. The company plans to boost revenues through its rewards card program and advertising platform while expanding cross-border payment capabilities. It’s also exploring AI applications for targeted marketing.
The Ministry of Economic Affairs expects Taiwan’s retail and restaurant sector revenues to hit record highs in 2024, potentially supporting continued growth in digital payments.
