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

  • ID: 4239866
  • Report
  • Region: Taiwan
  • 49 pages
  • GlobalData
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FEATURED COMPANIES

  • Bank of Taiwan
  • CTBC Bank
  • ESB
  • HNCB
  • Smartpay
  • TIB
  • MORE
The Cards and Payments Industry in Taiwan - Emerging Trends and Opportunities to 2021

Summary

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.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Bank of Taiwan
  • CTBC Bank
  • ESB
  • HNCB
  • Smartpay
  • TIB
  • MORE
1. EXECUTIVE SUMMARY
1.1. Market overview
1.2. Key facts
1.3. Top five industry events
2. PAYMENT INSTRUMENTS
2.1. Current payment environment
3. E-COMMERCE AND ALTERNATIVE PAYMENTS
3.1. E-commerce market analysis
3.2. Alternative payment solutions
3.2.1. Alipay
3.2.2. ibon
3.2.3. Web ATM
3.2.4. Pi
3.2.5. Gomaji Pay
3.2.6. T Wallet
3.2.7. Line Pay
3.2.8. CTBC Direct Pay
3.2.9. MasterPass
3.2.10. Yushan Wallet
4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY
4.1. Regulatory framework
4.2. Anti-money laundering and countering terrorism financing (AML/CFT)
4.3. Foreign direct investment (FDI) regulations
5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS
6. PAYMENT CARDS
7. DEBIT CARDS
7.1. Debit cards market analysis
7.2. Competition in the debit cards market
7.3. Debit cards comparison
8. PAY LATER CARDS
8.1. Pay later cards market analysis
8.2. Competition in the pay later cards market
8.3. Pay later cards comparison
9. PREPAID CARDS
10. APPENDIX
10.1. Abbreviations and acronyms
10.2. Supplementary data
10.3. Definitions
10.4. Common payment card features
10.5. Methodology
10.6. Bibliography
10.7. Further reading

List of Tables
Table 1: Taiwan, Key Facts,
Table 2: Taiwan, Regional Benchmarking of Payment Cards,
Table 3: Taiwan, Mode of Entry of Foreign Banks
Table 4: Taiwan, Debit Cards Comparison and Key Features, 2017
Table 5: Taiwan, Gold Credit Cards Comparison and Key Features, 2017
Table 6: Taiwan, Premium Credit Cards Comparison and Key Features, 2017
Table 7: Taiwan, Payment Instrument Transaction Values (TWD Trillion), 2012-2016
Table 8: Taiwan, Payment Instrument Transaction Values (US$ Billion), 2012-2016
Table 9: Taiwan, Payment Instrument Transaction Volumes (Million), 2012-2016
Table 10: Taiwan, Payment Cards in Circulation by Type (Million), 2012-2021
Table 11: Taiwan, Volume of Payment Card Transactions (Million), 2012-2021
Table 12: Taiwan, Value of Payment Card Transactions (TWD Trillion), 2012-2021
Table 13: Taiwan, Value of Payment Card Transactions (US$ Billion), 2012-2021
Table 14: Taiwan, Debit Cards in Circulation (Million), 2012-2021
Table 15: Taiwan, Debit Card Transaction Volumes, 2012-2021
Table 16: Taiwan, Debit Card Transaction Values (TWD), 2012-2021
Table 17: Taiwan, Debit Card Transaction Values (US$), 2012-2021
Table 18: Taiwan, Debit Cards in Circulation by Scheme (Million), 2012-2016
Table 19: Taiwan, Debit Card Transaction Values by Scheme (TWD Trillion), 2012-2016
Table 20: Taiwan, Debit Card Transaction Values by Scheme (US$ Billion), 2012-2016
Table 21: Taiwan, Debit Card Transaction Values by Issuer (TWD Billion), 2012-2016
Table 22: Taiwan, Debit Card Transaction Values by Issuer (US$ Billion), 2012-2016
Table 23: Taiwan, Pay Later Cards in Circulation (Million), 2012-2021
Table 24: Taiwan, Pay Later Card Transaction Volumes, 2012-2021
Table 25: Taiwan, Pay Later Card Transaction Values (TWD), 2012-2021
Table 26: Taiwan, Pay Later Card Transaction Values (US$), 2012-2021
Table 27: Taiwan, Pay Later Cards in Circulation by Scheme (Million), 2012-2016
Table 28: Taiwan, Pay Later Card Transaction Values by Scheme (TWD Billion), 2012-2016
Table 29: Taiwan, Pay Later Card Transaction Values by Scheme (US$ Billion), 2012-2016
Table 30: Taiwan, Pay Later Card Transaction Values by Issuer (TWD Billion), 2012-2016
Table 31: Taiwan, Pay Later Card Transaction Values by Issuer (US$ Billion), 2012-2016
Table 32: Taiwan, Prepaid Cards in Circulation (Million), 2012-2021
Table 33: Taiwan, Prepaid Card Transaction Values (TWD Billion), 2012-2021
Table 34: Taiwan, Prepaid Card Transaction Values (US$ Billion), 2012-2021
Table 35: Definitions of Commonly Used Terms
Table 36: Common Features of Payment Cards
Table 37: Annual Average Exchange Rate (TWD-US$), 2012-2021

List of Figures
Figure 1: Taiwan, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016
Figure 2: Taiwan, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016
Figure 3: Taiwan, E-Commerce Value
Figure 4: Taiwan, Population and Economic Indicators
Figure 5: Taiwan, ATMs, POS Terminals and Household Consumption
Figure 6: Taiwan, Payment Cards Transaction Value and Cards in Circulation, 2012-2021
Figure 7: Taiwan, Debit Card Penetration and Turnover Per Card
Figure 8: Taiwan, Debit Cards Scheme and Issuer Transaction Value Share (%), 2016
Figure 9: Taiwan, Pay Later Card Penetration and Turnover Per Card
Figure 10: Taiwan, Pay Later Cards Scheme and Issuer Transaction Value Share (%), 2016
Figure 11: Taiwan, Prepaid Cards in Circulation and Transaction Value, 2012-
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  • CTBC Bank
  • CUB
  • FCB
  • TCB
  • HNCB
  • ESB
  • Citibank
  • TIB
  • Bank of Taiwan
  • Smartpay
  • Visa
  • Mastercard
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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