Taiwan Cards and Payments - Opportunities and Risks to 2027

Taiwan Cards and Payments - Opportunities and Risks to 2027

Summary

GlobalData’s ‘Taiwan Cards and Payments - Opportunities and Risks to 2027' 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 cash, cards, mobile wallets, credit transfer, direct debits and cheques during the review-period (2019-23e).

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 (2023e-27). It also offers information on the country's competitive landscape, including 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 detailed regulatory policies and recent changes in regulatory structure.

Scope

• 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, 49% of Taipei citizens favored cashless payment methods in 2022. As per the same source, credit cards accounted for 25% of cashless payments, followed by mobile payments (18%).
• 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.
• Retailers are increasingly focusing on offering innovative in-store concepts. In July 2023, convenience store chain 7-Eleven partnered with Industrial Technology Research Institute (ITRI) to offer cashier-free stores in the country. Customers can enter the store by displaying their QR code in the 7-Eleven app. Users pick up their products of choice and walk away from the store. Payments are charged to the payment card linked in the app. The store is equipped with ITRI's Grab & Go System Service, which includes smart shelves and several artificial intelligence sensors, allowing sales tracking, inventory management, and the detection of customer hotspots.

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.