Taiwan is a South East Asian state in Republic of China. In the 1960s, Taiwan faced rapid economic growth and industrial development creating a very stable economy. Between 1980s and 1990s, the country changed from a single-party dictatorship to a multi-party democracy. One of the Taiwan’s traditional habits of the locals is the culture of saving and can be seen even today. Studies show almost one-fourth of every money earned being saved in Taiwan.
Ken Research’s Payment Landscape In Taiwan: Opportunities And Risks To 2022 gives a detailed insight about the payment industry in Taiwan. The report extensively talks about current and forecast values for each market in the Taiwan’s cards and payments industry, including debit and credit cards. The report also gives an analysis of the E-commerce market in Taiwan. It also includes an overview of the country’s key alternative payment instruments. Various government regulations and market drivers of the cards and payment industry are discussed. Different strategies used to market debit and credit cards by the Taiwanese banks and institutes are analysed. The top market players in the payment industry of Taiwan are Chunghwa Post, Hua Nan Commercial Bank, Taiwan Cooperative Bank, First Commercial Bank, Cathay United Bank, China trust Commercial Bank, E.SUN Bank, Taishin International Bank, Citibank, Visa, Master card, Smart pay, JCB, American Express.
All over the world, businesses and consumers have moved from cash to digital and cashless payments and the payments industry is evolving at a fast rate in the countries digital payments are not commonly used due to various reasons. Global payments revenue has been increasing in multi-fold despite many disruptions in the market. Nonbanking digital entrants have changed the customer experience and offer diverse payment options. Lack of cross-border payment services have encouraged various players in the past to enter the market. Digitalisation in payment industry has led to the digitalisation of transaction industry as well. As customers have become more and more comfortable with swiping cards and paying through mobile phones, the digitalisation of transaction industry is also expected to give way to its infrastructural development. In Taiwan, various digital players have entered into the market and increased customer awareness has driven the market for the payment industry.
Despite the gradual increase in electronic payments, cash still remains as the preferred mode of payment accounting for more than two-thirds of the transactions in the country by cash. Various government initiatives like the Act Governing Electronic Payments Institutions are encouraging Taiwanese to make electronic payments. Though debit cards are used widely, they are limited merely to cash withdrawals at ATMs. To encourage the use of credit cards, many public banks have waived transaction fees. Various other market players like Apple Pay, Samsung Pay, Google Pay were also recently launched to drive the demand in the market.
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Ankur gupta, head marketing & communications