Payments in Taiwan 2018: What Consumers Want
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. 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.
Overall, contactless card acceptance is high in Taiwan, boosted by the introduction of the contactless EasyCard transport card. The government intends to increase the percentage of mobile phone users who make mobile payments from 13% in 2018 to 90% by 2025. 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.
The report Payments in Taiwan 2018: What Consumers Want, examines the consumer payments market in Taiwan, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
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.
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