Taiwan’s Two Payment Leaders Versus Visa: A Benchmark for Fintech Valuation

Originally published 2025-10-28Robin’s commentary

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English translation of the Chinese post originally published 2025-10-28. Translated 2026-10-30 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文

Reading guide

Robin reviews revenue, gross margin, profit, and market value for two leading Taiwanese third-party payment businesses. 綠界 (ECPay, 6763) had 2024 revenue of 1.6 billion, a 41% gross margin, after-tax net profit of 350 million, and market value of 11.1 billion. LINEPAY (7722) had revenue of 6.3 billion, a 32% gross margin, after-tax net profit of 650 million, and market value of 38.6 billion. His impression is that fintech valuations are high, but there is still a benchmark: payments giant Visa, with full-year revenue potentially reaching US$40 billion, an 80% gross margin, market value of US$660 billion, and a price-to-earnings ratio of about 34. These figures reflect the publication date and have not been independently verified.

Key points

ECPay: revenue 1.6 billion, net profit 350 million, market value 11.1 billion.
LINEPAY: revenue 6.3 billion, net profit 650 million, market value 38.6 billion.
Visa: revenue US$40 billion, gross margin 80%, price-to-earnings about 34.
High fintech valuations still need a comparison benchmark.

Columns and beams in an open building are connected by central rods and balanced weights, suggesting structure and checks in governance. — Capital markets & governanceThematic illustration · AI generated

Full text — English translation

I looked at the revenue, gross margins, profits, and market values of Taiwan’s two leading third-party payment businesses. 綠界 (ECPay, 6763): 2024 revenue 1.6 billion, gross margin 41%, after-tax net profit 350 million, market value 11.1 billion. LINEPAY (7722): 2024 revenue 6.3 billion, gross margin 32%, after-tax net profit 650 million, market value 38.6 billion. Fintech valuations really are quite high, but there is still a benchmark. The payments giant is Visa: full-year revenue potentially reaching US$40 billion, an 80% gross margin, market value of US$660 billion, and a price-to-earnings ratio of about 34.

These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.

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