The Taiwan Banker

According to statistics from the Ministry of the Interior, there are more than 15,000 temples of all kinds in Taiwan. With annual output of more than NT$ 1 trillion and donations of more than NT$ 100 billion, their density matches that of convenience stores. However, most temples still adopt traditional trading methods. Widespread adoption of electronic payment systems would save considerable manpower, resources, and time. It will also prevent believers from gathering, preventing the spread of the pandemic, and promoting digitalization of temples. Led by Songshan Ciyou Temple The first financial institution to seize the digital business opportunities of temples was SinoPac Bank. In 2015, SinoPac cooperated with Ciyou Temple, a well-known temple in Songshan District, Taipei, to create a tailor-made ATM for it. Patrons at the temple can use this ATM to complete payments for Tai Sui, lamp lighting, Saisen money, or puja money. The back of the receipt also has the signature poem and fortune of Ciyou Temple. Subsequently, SinoPac continued to deepen digital business opportunities related to temples, and its partners expanded to Songshan Cihui Tmple, Songshan Fengtian Temple, and Muzha Chih Nan Temple, building similar ATM in these temples. After the Spring Festival in 2021, it will extend its service to ATMs throughout Taiwan. When patrons insert their bank card, they can choose the temple and payment item, and then mail the receipt to the temple to complete their payment without going there in person. Yufeng Chen, chairman of Ciyou Temple, explained that tens of thousands of people come to light lamps every Spring Festival, and the line has a constant flow. Even with additional staff, the temple can serve about 1,200 in one day at most. “Several years ago, following the advice of young believers who couldn't wait, Ciyou Temple cooperated with SinoPac to introduce ATMs that can be used for Tai Sui and lamp lighting, which successfully reduced the number of people in the queue and greatly improved service efficiency.” Before that, those who wanted to light the lamps might have to wait for most of the day, or even a whole day. Many were prevented from participating at all, which does not conform with the economic efficiency of modern society. For those with poor health, it was even more of a hassle. Since SinoPac was the main long-term bank of Ciyou Temple, the temple asked them for assistance to jointly develop ATMs for temple rituals. Chen emphasized that the ATM in Ciyou Temple provides services in four languages, so that even foreigners can easily use it: Chinese, English, Japanese, and Korean. He revealed that this ATM collects more than NT$ 10 million a year, which shows its great benefits. “After this news was published, a variety of temples from all over the world have come to observe and learn.” Cooperation between TBB and Beigang Chaotian Temple According to statistics from the Ministry of the Interior, about 16 million people believe in Buddhism and Taoism in Taiwan, accounting for more than 60% of Taiwan’s total population. Matsu temples in various places are also actively developing cultural and creative activities, attracting more and more young people, which shows the importance of Matsu belief to local culture. Taiwan Business Bank (TBB) mentioned that Beigang Chaotian Temple is one of the most influential Matsu temples. TBB cooperated with it to launch the widely-acclaimed Beigang Chaotian Temple Identification Card. Together with the foundation, it launched Fortune Deposit Accounts. Chaotian Temple provides NT$ 100 to be deposited into the account, while TBB provides discounts on rates and processing fees, which symbolizes Matsu’s blessing to make one’s fortune and start again. SinoPac also formed an alliance with Wanhua Longshan Temple for online lamp lighting so that its credit card cardholders no longer need to wait in line. You can select light lanterns, wealth lanterns, medicine lanterns, auspicious lanterns, or peace lanterns, and also enjoy a 2% rebate, with a cap of NT$ 100 – saving time, effort and money. All countries have been impacted by the pandemic over the past two years. At great expense, we have learned that religious gatherings are an important way that the coronavirus spreads. To prevent this, more and more religious institutions have pursued digitalization. In 2021, Wanhua Longshan Temple lit over 70,000 lamps for blessings. Fortunately, digital lighting services have dispersed the flow of people, and the temple did not create openings for transmission. Well-known temples range from hundreds of thousands to millions of visitors. Many banks have launched joint temple cards to seize related religious business opportunities. Hua Nan Commercial Bank and Taichung Commercial Bank have cooperated with Dajia Jenn Lann Temple to issue the Dajia Matsu Identification Card and Dajia Matsu Ping’an Card, Taiwan Cooperative Bank issued the Lukang Matsu Temple Identification Card, Land Bank launched the Baishatun Gongtian Temple Matsu Identification Card, and TBB and Beigang Chaotian Temple jointly promoted an identification card with embedded incense ashes. The banks that are most actively seizing the opportunity to digitalize religious activities are currently KGI Bank and Cathay United Bank (CUB). At the end of 2019, KGI Bank's southern branch decided to deepen the scope of services for existing temple customers, prompting the bank to think about how to introduce digital technology to temples, beyond just deposit and withdrawal services. After investigation and research, KGI Bank discovered that the temple staff must deposit the donations and Saisen money they receive into the bank as soon as possible. They often feel that the time is tight, and worry about loss of the money. Although some temples allow the use of credit cards for lamp lighting, most patrons are not used to such services. In addition, most temple volunteers are elderly people who are unfamiliar with new technologies. A simple and easy-to-use electronic payment system would be required for its promotion and popularization. Since 2020, KGI Bank has assisted in the digitization of several temples in Chiayi and Tainan, introducing electronic payment system to help them join the modern economy: Cheng Huang Temple in Chiayi, and Taibao Temple, Temple of Avalokitesvara, Tiantan Tiangong Temple, and Guandi Temple in Tainan. KGI Bank helps digitalize temples For KGI, this move not only takes into account its long-term “open banking” concept, but also responds to the government's policy to promote digital payments. It can also lead temples to optimize their service procedures, strengthen the financial health, and solve their pain points. Several temples in northern and central Taiwan are now cooperating with KGI Bank on electronic payments. The cash flow management platform KGI Bank designed for temple cooperatives can simultaneously integrate multiple common payment tools such as EasyCards, credit cards, and mobile payments. It can also be built on the temple websites for the individual needs of each temple. Functions such as online card payments, regular fixed deductions from credit cards, and financial management solutions will help banks expand their customer bases, and temples to expand to younger generations of believers. If those who visit temples cooperating with KGI Bank want to pay for donations or Saisen, EasyCards has a transaction limit of NT$ 1,000, and a daily limit of NT$ 3,000. Credit card and mobile payment limits may vary; by mobile phone, you can choose from the three major systems: Apple Pay, Google Pay, and Samsung Pay. Every year during the Spring Festival and the peak holiday season, temple visitors line up by the door. Using electronic payments, they can save the trouble of having to withdraw cash from the bank, as well as worrying about pickpockets in the crowd. Temple staff can also reduce the time and pressure of managing, transporting, and storing cash, and can provide better services. Janet Sheng, Senior Deputy General Manager of KGI Bank’s Corporate Product Development Department, said that about 30% of total transactions in the temples cooperating with KGI Bank have come from electronic payments, mainly to buy incense and gold paper and light lamps. The users of the lamps are mostly aged 30-45, divided equally among males and females, but the number of older users has gradually increased. “Electronic payments are also very popular among travelers.” Sheng revealed that in 2020, temples cooperating with KGI Bank will complete about NT$ 8 million of electronic payments, but difference between the off-peak and peak seasons is significant. Electronic payments in the 15 days from the first day of the first lunar month to the Lantern Festival alone account for 40% of the total annual amount. The other peak is July in the lunar calendar. The rest of the time is the off-season. In particular, because of the age of the temple managers – the youngest is about 65, and the oldest is 75 or even over 80 – they originally insisted that non-cash payment is not possible. After KGI Bank carefully explained other successful cases in the market, they finally agreed to introduce electronic payments, creating a win-win-win situation for the temple, patrons, and KGI. CUB launches Pudu by Proxy In 2020, CUB cooperated with over 20 well-known temples such as Beigang Chaotian Temple and Taichung Nantian Temple to provide services such as Wenchang lanterns and God of Wealth lanterns on its ATMs, which are deeply loved by believers, driving significant growth in ATM transaction volume. In 2021, CUB will continue to deepen its temple business, with partners spread across the northern, central, and southern parts of Taiwan – also including business expansion and puja registration in Sanyi Xingde Temple, Taichung Sanqing Zongdaoyuan, Keelung Zhixuan-Gongxiangong Temple, and Grand Avalokitesvara Pavilion of Taijiang Ancestral Temple, Tainan, in addition to Chaotian Temple. In lunar July, CUB and Chaotian Temple jointly launched the Pudu by Proxy service. CUB has nearly 5,000 ATMs across. As long as the believers operate their ATMs, they can choose which lamps at which temples to light. There are dozens of lamp models to choose from. Money can be transferred by bank card, and you can also pay directly in cash. After observing its contact with these temples, during Pudu this lunar July, CUB proposed new service innovations. Consumers used to prepare offerings and flags, but this was time-consuming and laborious, requiring trips to crowded hypermarkets. This year, if you sign up for the Pudu payment at a CUB ATM and complete the procedures, Chaotian Temple will display the offering, fill in the offering texts, and donate NT$ 200 of Saisen money on your behalf on the day of the Ghost Festival, saving the cumbersome process of making the purchase and offering, and then donating. It seems that these temple finance services may continue indefinitely.