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(MoneyNewsWire.Net, July 25, 2018 ) "Payments in Taiwan 2018: What Consumers Want", report 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.
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. 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.
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Key Players:
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
American Express
Scope:
- Taiwanese consumers are more likely to use credit cards than debit cards when making payments. One of the key drivers behind this preference is the benefits linked to credit cards.
- The government intends to increase the percentage of mobile phone users who make mobile payments from 13% in 2018 to 90% by 2025. In January 2018 the government announced plans to subsidize transaction fees for in-store payments made through mobile phones and provide discounts to consumers who pay utility bills via mobile.
- Overall, contactless card acceptance is high in Taiwan, boosted by the introduction of the contactless EasyCard transport card. Visa and Mastercard offer their respective NFC-based contactless payment solutions, payWave and PayPass, which helped further expand consumer knowledge of contactless payment cards.
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Reasons to buy:
- Understand the key facts and figures in the consumer payments market in Taiwan.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in Taiwan's market and use this knowledge to inform product design.
It provides in-depth analysis of the following -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in Taiwan are deploying these tools to meet customer needs.
- Explores the online payment market in Taiwan by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
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