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.
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