Payments Landscape in Taiwan: Opportunities and Risks to 2022
Cash remains the preferred method of payment in Taiwan, accounting for more than three quarters of total payment transaction volume. Consumers in Taiwan have a strong inclination towards cash for day-to-day transactions despite the gradual rise in electronic payments. However, the government of Taiwan has been promoting electronic payments through various initiatives such as the Act Governing Electronic Payments Institutions. Furthermore, the NCCC is taking initiatives to promote the use of credit cards for the payment of public services and facilities.
This coupled with increased merchant acceptance resulted in card payments recording a compound annual growth rate (CAGR) of 7.5%, in terms of transaction value, over the review period. While debit cards dominate in terms of overall transaction value, the use of these cards is largely limited to ATM cash withdrawals. Credit cards are preferred for card payments, accounting for three quarters of total value.
Alternative payments are gaining prominence, with a number of key players launching their services in Taiwan in 2017. Apple Pay, Samsung Pay and Google Pay (previously Android Pay) entered the market in 2017.The gradual adoption of contactless technology and growth in e-commerce payments are expected to further drive the overall payment card market through the forecast period.
Payments Landscape in Taiwan: Opportunities and Risks to 2022, report provides detailed analysis of market trends in the Taiwanese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, credit transfers, direct debit, payment cards, and cheques during the review-period (2014-18e).
The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018-22f). It also offers information on the country's competitive landscape, including the market shares of issuers, schemes and details of regulatory policy and recent changes in the regulatory structure.
Companies Mentioned: Chunghwa Post, Hua Nan Commercial Bank, Taiwan Cooperative Bank, First Commercial Bank, Cathay United Bank, Chinatrust Commercial Bank, E.SUN Bank, Taishin International Bank, Citibank, Visa, Mastercard, Smartpay, JCB, and American Express.
This report provides top-level market analysis, information and insights into the Taiwanese cards and payments industry, including -