Payments Landscape in Taiwan: Opportunities and Risks to 2022
Summary
GlobalData’s “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 and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.
This report provides top-level market analysis, information and insights into the Taiwanese cards and payments industry, including –
– Current and forecast values for each market in Taiwan’s cards and payments industry, including debit and credit cards.
– Detailed insights into payment instruments including cash, credit transfers, direct debit, cheques, and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
– E-commerce market analysis and payment methods.
– Analysis of various market drivers and regulations governing the Taiwanese cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
Scope
– Taiwanese consumers traditionally save part of their income and spread their savings across multiple bank accounts to take advantage of deposit insurance. According to a Mastercard survey, Taiwanese consumers save nearly a quarter of their monthly income as savings, higher than the average of 18% for Asia Pacific. To further promote savings in the country, in April 2017 the government announced a children’s savings account program for orphans and children of low- to middle-income families. The account, which must be created at Bank of Taiwan, enables guardians to deposit a maximum of TWD15,000 ($504.93) per year, with an equal amount to be contributed by the government. This is expected to boost the banked population, which in turn will drive demand for banking products such as bank accounts and debit cards.
– The NCCC is taking initiatives to promote the use of credit cards for the payment of public services and facilities. In December 2015 it established the Credit Card Payment Platform for Public Agency Fees, enabling public agencies to accept credit cards. By the end of 2017 the number of participating public agencies totaled 922, up from just 14 in January 2016. To encourage the use of credit cards, 13 of the country’s banks announced they would waive transaction fees on credit card transactions made at government institutions and public hospitals starting January 1, 2018.
– Alternative payments are gaining prominence, with a number of key players launching their services in Taiwan in 2017. Apple Pay entered the market in March 2017, and is now accepted at merchants including Carrefour, Big City, FamilyMart, City Super, and Far Eastern Department Stores. Samsung Pay was launched in Taiwan in May 2017; the solution works on both NFC and magnetic secure transmission technology. And in June 2017, Google Pay (previously Android Pay) was launched in the country, enabling users to make in-store, in-app, and online payments.
Reasons to buy
– Make strategic business decisions, using top-level historic and forecast market data, related to the Taiwanese cards and payments industry and each market within it.
– Understand the key market trends and growth opportunities in the Taiwanese cards and payments industry.
– Assess the competitive dynamics in the Taiwanese cards and payments industry.
– Gain insights into marketing strategies used for various card types in Taiwan.
– Gain insights into key regulations governing the Taiwanese cards and payments industry.
