Taiwan Cards and Payments – Opportunities and Risks to 2027

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Taiwan Cards and Payments Market Report Overview

The Taiwan cards and payments market size is $139.5 billion in 2023. The market is expected to achieve a CAGR of more than 8% during 2023-2027. A strong banked population, high financial awareness, banks incentivizing customers through a range of benefits (including cashback and discounts), the increasing preference for digital banking, and efforts by financial authorities to boost cashless payments have driven payment card adoption in the country.

Taiwan Cards and Payments Market Outlook, 2023-2027 ($ Billion)

Taiwan Cards and Payments Market Outlook, 2023-2027 ($ Billion)

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The Taiwan Cards and Payments market research report provides a detailed analysis of market trends in the Taiwan cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cards, cash, cards, credit transfers, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report covers detailed regulatory policy and recent changes in the regulatory structure.

Market Size (2023) $139.5 billion
CAGR (2023-2027) >8%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cash

·        Cards

·        Credit Transfers

·        Mobile Wallets

·        Direct Debits

·        Cheques

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        In-Store Payments

·        Buy Now Pay Later

·        Mobile Payments

·        P2P Payments

·        Bill Payments

·        Alternative Payments

Leading Players ·        VISA

·        Mastercard

·        CTCB Bank

·        Bank of Taiwan

·        American Express

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Taiwan Cards and Payments Market Dynamics

There has been a significant shift in consumer preferences toward the use of cashless methods of payment. According to the Research, Development, and Evaluation Commission of Taipei City, most of Taipei’s citizens favored cashless payment methods in 2022.

Contactless payments are gradually gaining traction in Taiwan. In May 2023, payment company TapPay launched Tap to Pay in Taiwan, enabling businesses to accept in-person contactless payments via compatible iPhone devices. Previously, in August 2022, CTBC Bank partnered with payment services provider Soft Space to launch the Tap-on-Phone solution for taxi drivers, allowing them to accept payments via contactless cards, mobile wallets, and wearables.

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Taiwan Cards and Payments Market Segmentation by Payment Instruments

As of 2023, credit transfer leads the way in terms of transaction value.

The key payment instruments in the Taiwan cards and payments market are cash, cards, credit transfers, mobile wallets, direct debits, and cheques. Credit transfers are generally used to make high-value interbank transfers, with funds cleared the same day via the central bank’s Interbank ATM fund transfer system, which operates on a real-time gross settlement basis.

Taiwan Cards and Payments Market Segments Analysis by Payment Instruments, 2023 (%)

Taiwan Cards and Payments Market Segments Analysis by Payment Instruments, 2023 (%)

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Taiwan Cards and Payments Market Segments

The key segments in the Taiwan cards and payments market are card-based payments, e-commerce payments, in-store payments, Buy Now Pay Later, mobile payments, P2P payments, bill payments, and alternative payments.

E-commerce Payments: The e-commerce market in Taiwan has grown at a strong rate in recent years. To capitalize on this growth, international companies are launching e-commerce services. For example, in April 2023, South Korean e-commerce company Coupang launched its platform in Taiwan. Focusing on offering convenient shopping experiences for consumers, in July 2022, Shopee partnered with Procter & Gamble to offer virtual home shopping.

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Taiwan Cards and Payments Market - Competitive Landscape

Some of the leading players in the Taiwan cards and payments market are:

  • VISA
  • Mastercard
  • CTCB Bank
  • Bank of Taiwan
  • American Express

Taiwan Cards and Payments Market Analysis by Players, 2023

Taiwan Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

Taiwan Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Cards
  • Credit Transfers
  • Mobile Wallets
  • Direct Debits
  • Cheques

Taiwan Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

This report provides:

  • Top-level market analysis, information, and insights into the Taiwan cards and payments industry.
  • Current and forecast values for each market in the Taiwan cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cards, cash, credit transfers, mobile wallets, direct debits, and cheques. 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 Taiwan cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Taiwan cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the Taiwan cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Taiwan cards and payments industry.
  • Assess the competitive dynamics in the Taiwan cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Taiwan.
  • Gain insights into key regulations governing the Taiwan cards and payments industry.

Chunghwa Post
First Commercial Bank
CTCB Bank
Taiwan Cooperative Bank
Hua Nan Commercial Bank
Cathay United Bank
Taishin International Bank
Bank of Taiwan
E.SUN Bank
Chang Hwa Commercial Bank
Taipei Fubon Commercial Bank
Bank SinoPac
Land Bank of Taiwan
Yuanta Commercial Bank
Mega International Commercial Bank
Shin Kong Commercial Bank
Credit Departments of Farmers' & Fishermen's Association
Taiwan Business Bank
Standard Chartered
Union Bank of Taiwan
The Shanghai Commercial & Savings Bank
Taiwan Pay
JCB
U card
Visa
American Express

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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