Ken Research’s Payments in Taiwan 2018: What consumers want gives a detailed insight about the consumers preferences and the major card payment option and the usage. The report identifies the competitors over the past five years and studies the strategies and market trends. The report also gives customer’s attitudes towards payment options and the change of trends over the past five years. 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, Chinatrust Commercial Bank, E.SUN Bank, Taishin International Bank, Citibank, Visa, Mastercard, Smartpay, JCB, American Express.
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. The country’s smartphone penetration is one of the highest in the whole world. Global payments revenue has been increasing in multi-fold despite many disruptions in the market. 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.
While the whole world moved towards making payments online, Taiwan market still continues to prefer using cash. The reasons include sceptic business owners and other existing payment options satisfying the consumers there. However, the shift happened in 2015, where the government liberalised the electronic payments platform. As a result of this, various players like Apple Pay, Google Pay, WeChat Pay, Samsung Pay and Line Pay launched their services in the market. After the government passed the Act Governing Electronic Payment, the consumers making electronic payments almost doubled in two years of time. However, the lack of any unified standard in the mobile-payment sector, with credit cards, NFC contactless payments and QR code scanning all in use by various operators, there is uncertainty among consumers. The e-commerce market of Taiwan is one of the fastest growing in South-east Asia and will help grow the payments market.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications