Increasing Competition In Taiwan Payment Market: Ken Research
 |
| Taiwan Payment Industry Analysis |
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.
Ken Research’s Payment
Landscape In Taiwan: Opportunities And Risks To 2022 gives a detailed
insight about the payment industry in Taiwan. The report extensively talks
about current and forecast values for each market in the Taiwan’s cards and
payments industry, including debit and credit cards. The report also gives an
analysis of the E-commerce market in Taiwan. It also includes an overview of
the country's key alternative payment instruments. Various government
regulations and market drivers of the cards and payment industry are discussed.
Different strategies used to market debit and credit cards by the Taiwanese
banks and institutes are analysed. 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, China trust
Commercial Bank, E.SUN Bank, Taishin International Bank, Citibank, Visa, Master
card, Smart pay, JCB, American Express.
All over the world, businesses and consumers
have moved from cash to digital and cashless payments and the payments industry
is evolving at a fast rate in the countries digital
payments are not commonly used due to various reasons. Global payments revenue
has been increasing in multi-fold despite many disruptions in the market.
Nonbanking digital entrants have changed the customer experience and offer
diverse payment options. Lack of cross-border payment services have encouraged
various players in the past to enter the market. Digitalisation in payment
industry has led to the digitalisation of transaction industry as well. 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.
Despite the gradual increase in electronic payments, cash still
remains as the preferred mode of payment accounting for more than two-thirds of
the transactions in the country by cash. Various government initiatives like
the Act Governing Electronic Payments
Institutions are encouraging Taiwanese to make electronic payments. Though
debit cards are used widely, they are limited merely to cash withdrawals at
ATMs. To encourage the use of credit cards, many public banks have waived
transaction fees. Various other market players like Apple Pay, Samsung Pay,
Google Pay were also recently launched to drive the demand in the market.
Related
reports:
Contact us:
Ken
research
Ankur gupta,
head marketing & communications
+91-9015378249
Comments
Post a Comment