Prepaid cards to register highest growth in Taiwan Cards and Payments market Key Players Cathay United Bank First Commercial Bank Taiwan Cooperative Bank Hua Nan Bank Chang Hwa Bank CTBC Bank E.Sun Bank Taishin Bank Citibank SmartPay

The Taiwanese card payments market demonstrated a growth rate of 2.5% in terms of number of cards in circulation during the review period. Growing e-commerce and the adoption of new technologies for safe and secure banking, conducting online transactions, and increasing awareness among consumers will result in further growth of the market over the forecast period. It is projected to grow over the forecast period at a CAGR of 4%.

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The prepaid cards category recorded the highest growth during the review period in terms of number of cards. High costs associated with credit cards such as issuance fees and revolving interest rates were the primary reasons for the growing adoption of prepaid cards. In Taiwan, mobile commerce, gifts, entertainment, online purchases and travel hold positive growth potential and are expected to drive growth in the debit, credit and prepaid cards categories. For debit cards, retail sales and entertainment are also key markets which present strong growth potential. While credit cards have strong growth potential in online, offline retail and m-commerce, charge cards have growth potential in travel and purchasing of financial products. Prepaid cards have strong growth potential in gifts, entertainment and offline retailing.

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In terms of the number of cards in circulation, the debit cards category recorded a CAGR of 3.1% during the review period and is expected to post a CAGR of 2% over the forecast period. The number of credit cards in circulation grew at a review-period CAGR of 0.5% and is expected to grow at a CAGR of 4% over the forecast period.

The Taiwan card payment is driven by the growing number of ATMs, POS terminals, emergence of NFC enabled cards and increasing internet users. The increasing acceptance of cards at retail outlets and a consumer shift towards making purchases using cards resulted in an increase in POS transactions at a CAGR of 4.33% during the review period. Other macro economical such as stable growth of GDP, declining inflation and growing urbanization are also contributing to the growth of the market as well. All these factors cumulatively driving the usage of card payments and issuing of the same.

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