Taiwan has a very unique payment card environment compared to most other markets. While the infrastructure is in place, with Visa and Mastercard introducing contactless payment capabilities from 2008, point of sale (POS) terminal penetration is only about an eighth of Australia, a similar market in terms of size. Established retailers such as department stores, hotels, and retail chains all accept payment cards, but small- to medium-sized merchants operating on very thin margins are turned off by acceptance fees.
- Growth in the Taiwanese payment card market is essentially driven by pay-now cards. Due to debt averseness, consumers in Taiwan rarely spend on credit unless there are special offers and discounts available from their credit cards to incentivize use.
- High internet and smartphone penetration among Taiwanese consumers has positioned the market for strong growth in online commerce, with m-commerce fueling the majority of growth over the last five years. Future growth will be driven by m-commerce for low-value transactions as consumers begin to buy more online.
- Taiwanese consumers have been familiar with contactless payments since the introduction of the Easycard subway transit cards in 2002, and awareness is very high as a result. However, the only way to drive further usage of the payment format will be to introduce incentives.
“Consumer Payments Country Snapshot: Taiwan 2017” 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 in Taiwan.
- Analyzes consumer attitudes to financial services by life stage.
- 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 China 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.
Reasons to Buy
- Understand the key facts and figures in the consumer payments market in Taiwan.
- Learn which trends drive consumer behavior at the macro level.
- Find out which products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiments towards various payment tools in Taiwan and use this knowledge to inform product design.
2. Proximity Payments
3. Remote Payments
4. Payments Infrastructure & Regulation