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

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Published: May 31, 2017 Report Code: VR1204MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s "The Cards and Payments Industry in Taiwan – Emerging Trends and Opportunities to 2021", report provides detailed analysis of market trends in the Taiwanese cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, direct debits, payment cards, checks and cash transactions during the review period (2012-2016).

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 (2017-2021). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Taiwanese cards and payments industry, including –
– 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.

Key Highlights

– As part of government initiatives to promote electronic payments, the National Credit Card Center (NCCC) worked with Metropolitan Taxi Corp. to launch an app for hailing a taxi and making in-app payments in October 2015. Within three months of the launch, 2,000 taxis were providing an in-app payment service in Taiwan.
– The Taiwan Financial Services Commission (TFSC) established a fintech office and a dedicated fintech development fund of US$31 million (TWD1 billion) in 2015. It legalized third-party payment platforms by amending the Act Governing Electronic Payment Institutions, allowing third-party payment companies to open virtual accounts to store funds and allow transfers between e-payment accounts. These initiatives are expected to support growth in electronic payments in Taiwan.
– Rising smartphone use for payments and banks’ increased focus on cashless payments have led to a proliferation of mobile payments based on near-field communications (NFC). In 2014, the Taiwan Mobile Payment Company (TwMP) launched the T Wallet, based on host card emulation (HCE) technology, in partnership with 27 banks and financial institutions in Taiwan. The wallet allows users to store credit card details in the app to enable NFC or contactless in-store payments using smartphones. Global NFC mobile payment system Apple Pay plans to launch its services in Taiwan over the course of 2017.

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.

CTBC Bank
CUB
FCB
TCB
HNCB
ESB
Citibank
TIB
Bank of Taiwan
Smartpay
Visa
Mastercard

Table of Contents

1. EXECUTIVE SUMMARY 2

1.1. Market overview 2

1.2. Key facts 3

1.3. Top five industry events 4

2. PAYMENT INSTRUMENTS 10

2.1. Current payment environment 10

3. E-COMMERCE AND ALTERNATIVE PAYMENTS 12

3.1. E-commerce market analysis 12

3.2. Alternative payment solutions 14

3.2.1. Alipay 14

3.2.2. ibon 14

3.2.3. Web ATM 14

3.2.4. Pi 15

3.2.5. Gomaji Pay 15

3.2.6. T Wallet 15

3.2.7. Line Pay 15

3.2.8. CTBC Direct Pay 16

3.2.9. MasterPass 16

3.2.10. Yushan Wallet 16

4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 17

4.1. Regulatory framework 17

4.2. Anti-money laundering and countering terrorism financing (AML/CFT) 18

4.3. Foreign direct investment (FDI) regulations 19

5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 20

6. PAYMENT CARDS 22

7. DEBIT CARDS 24

7.1. Debit cards market analysis 24

7.2. Competition in the debit cards market 26

7.3. Debit cards comparison 27

8. PAY LATER CARDS 28

8.1. Pay later cards market analysis 28

8.2. Competition in the pay later cards market 30

8.3. Pay later cards comparison 31

9. PREPAID CARDS 32

10. APPENDIX 33

10.1. Abbreviations and acronyms 33

10.2. Supplementary data 34

10.3. Definitions 43

10.4. Common payment card features 44

10.5. Methodology 45

10.6. Bibliography 47

10.7. Further reading 47

Table

List of Tables

Table 1: Taiwan, Key Facts, 2016 3

Table 2: Taiwan, Regional Benchmarking of Payment Cards, 2016 3

Table 3: Taiwan, Mode of Entry of Foreign Banks 19

Table 4: Taiwan, Debit Cards Comparison and Key Features, 2017 27

Table 5: Taiwan, Gold Credit Cards Comparison and Key Features, 2017 31

Table 6: Taiwan, Premium Credit Cards Comparison and Key Features, 2017 31

Table 7: Taiwan, Payment Instrument Transaction Values (TWD Trillion), 2012-2016 34

Table 8: Taiwan, Payment Instrument Transaction Values (US$ Billion), 2012-2016 34

Table 9: Taiwan, Payment Instrument Transaction Volumes (Million), 2012-2016 34

Table 10: Taiwan, Payment Cards in Circulation by Type (Million), 2012-2021 35

Table 11: Taiwan, Volume of Payment Card Transactions (Million), 2012-2021 35

Table 12: Taiwan, Value of Payment Card Transactions (TWD Trillion), 2012-2021 35

Table 13: Taiwan, Value of Payment Card Transactions (US$ Billion), 2012-2021 35

Table 14: Taiwan, Debit Cards in Circulation (Million), 2012-2021 35

Table 15: Taiwan, Debit Card Transaction Volumes, 2012-2021 36

Table 16: Taiwan, Debit Card Transaction Values (TWD), 2012-2021 36

Table 17: Taiwan, Debit Card Transaction Values (US$), 2012-2021 36

Table 18: Taiwan, Debit Cards in Circulation by Scheme (Million), 2012-2016 37

Table 19: Taiwan, Debit Card Transaction Values by Scheme (TWD Trillion), 2012-2016 37

Table 20: Taiwan, Debit Card Transaction Values by Scheme (US$ Billion), 2012-2016 37

Table 21: Taiwan, Debit Card Transaction Values by Issuer (TWD Billion), 2012-2016 38

Table 22: Taiwan, Debit Card Transaction Values by Issuer (US$ Billion), 2012-2016 38

Table 23: Taiwan, Pay Later Cards in Circulation (Million), 2012-2021 38

Table 24: Taiwan, Pay Later Card Transaction Volumes, 2012-2021 39

Table 25: Taiwan, Pay Later Card Transaction Values (TWD), 2012-2021 39

Table 26: Taiwan, Pay Later Card Transaction Values (US$), 2012-2021 39

Table 27: Taiwan, Pay Later Cards in Circulation by Scheme (Million), 2012-2016 40

Table 28: Taiwan, Pay Later Card Transaction Values by Scheme (TWD Billion), 2012-2016 40

Table 29: Taiwan, Pay Later Card Transaction Values by Scheme (US$ Billion), 2012-2016 40

Table 30: Taiwan, Pay Later Card Transaction Values by Issuer (TWD Billion), 2012-2016 41

Table 31: Taiwan, Pay Later Card Transaction Values by Issuer (US$ Billion), 2012-2016 41

Table 32: Taiwan, Prepaid Cards in Circulation (Million), 2012-2021 41

Table 33: Taiwan, Prepaid Card Transaction Values (TWD Billion), 2012-2021 42

Table 34: Taiwan, Prepaid Card Transaction Values (US$ Billion), 2012-2021 42

Table 35: Definitions of Commonly Used Terms 43

Table 36: Common Features of Payment Cards 44

Table 37: Annual Average Exchange Rate (TWD-US$), 2012-2021 46

Figures

List of Figures

Figure 1: Taiwan, Payment Instrument Shares by Transaction Value (%), 2012 vs 2016 10

Figure 2: Taiwan, Payment Instrument Shares by Transaction Volume (%), 2012 vs 2016 11

Figure 3: Taiwan, E-Commerce Value 12

Figure 4: Taiwan, Population and Economic Indicators 20

Figure 5: Taiwan, ATMs, POS Terminals and Household Consumption 21

Figure 6: Taiwan, Payment Cards Transaction Value and Cards in Circulation, 2012-2021 22

Figure 7: Taiwan, Debit Card Penetration and Turnover Per Card 24

Figure 8: Taiwan, Debit Cards Scheme and Issuer Transaction Value Share (%), 2016 26

Figure 9: Taiwan, Pay Later Card Penetration and Turnover Per Card 28

Figure 10: Taiwan, Pay Later Cards Scheme and Issuer Transaction Value Share (%), 2016 30

Figure 11: Taiwan, Prepaid Cards in Circulation and Transaction Value, 2012-2021 32

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