The Cards and Payments Industry in Taiwan – Emerging Trends and Opportunities to 2021

2017-05-01
Price :
Published : May-2017
No. of Pages : 49

Taiwan’s e-commerce market is one of the fastest growing in Southeast Asia, and is driven by the rise in internet and smartphone penetration. E-commerce increased from US$22.4 Billion (TWD661.9 Billion) in 2012 to US$35.2 Billion (TWD1.1 Trillion) in 2016, at a review-period CAGR of 11.98%. Behind the growth of e-commerce payments are the multiple payment methods provided by e-commerce websites including payment cards, direct debits, cash or card on delivery, bank transfer and digital and mobile wallets.

Cash continues to be the preferred mode of consumer payment, accounting for 76.3% of the overall payment transaction volume in 2016. Consumers in Taiwan have a strong inclination towards cash for day-to-day transactions, despite the gradual rise in electronic payments. The government of Taiwan has been promoting electronic payments and reducing dependence on cash through various initiatives, such as the Act Governing Electronic Payments Institutions, the launch of the Digital Banking 3.0 Plan to enable credit card payments for government agency fees and taxes, and the establishment of a fintech office and dedicated fund.

Debit cards remain the preferred payment cards among Taiwanese consumers. Debit card penetration in Taiwan stood at 402.1 cards per 100 individuals in 2016, the highest rate compared to peers such as Japan (334.1), South Korea (322.9), New Zealand (251.4), Singapore (178.9), Australia (177.6) and Hong Kong (78.1). As debit cards are typically offered as complimentary products with current accounts, the large banked population has led to the high debit card penetration.

Although small, the credit cards market registered the highest review-period (2012-2016) compound annual growth rates (CAGRs) in terms of both transaction volume and values. The growths can be attributed to a steady rise in the middle-class and young working population, and rising household consumption. It was also supported by a rise in consumer awareness of the benefits of credit cards, such as deferred payments, installment payments, incentives and cashback. Taiwanese consumers are increasingly using credit cards for recurring payments such as utility fees, school tuition, insurance premiums and taxes, as well as at merchant outlets.

The report “The Cards and Payments Industry in Taiwan – Emerging Trends and Opportunities to 2021”, provides top-level market analysis, information and insights into the Taiwanese cards and payments industry.

In particular, this report provides the following –

  • Current and forecast values for each market in the Taiwanese cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including credit transfers, direct debits, cash transactions, checks and payment cards. It also, includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • 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.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape in the Taiwanese cards and payments industry.

Companies mentioned in this report: CTBC Bank, CUB, FCB, TCB, HNCB, ESB, Citibank, TIB, Bank of Taiwan, Smartpay, Visa, Mastercard.

Scope

  • This report provides a comprehensive analysis of the Taiwanese cards and payments industry.
  • It provides current values for the Taiwanese cards and payments industry for 2016, and forecast figures to 2021.
  • It details the different demographic, economic, infrastructural and business drivers affecting the Taiwanese cards and payments industry.
  • It outlines the current regulatory framework in the industry.
  • It details marketing strategies used by various banks and other institutions.

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.
Filed in: Banking & Finance
Publisher : GlobalData
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