, Taiwan

Taiwan card payments market to be worth $187.7b by 2025

The market is forecasted to rebound by over 15% in 2021.

Despite suffering from a setback due to the pandemic, Taiwan’s card payments market is still on-track to reach $187.7b by 2025, growing at a compound annual growth rate (CAGR) or 9.5%.

The market is forecasted to rebound by 15.2% to $130.6b in 2021 compared to the year before, after a 6.3% decline in 2020. 

“Taiwan has a robust card market with high card penetration with each individual having on average seven cards. The pandemic has further highlighted the importance of non-cash payments which is expected to drive card payments growth,” said Nikhil Reddy, Payments Senior Analyst at GlobalData.

Taiwan is among few nations that have handled the COVID-19 pandemic effectively with the total death count standing at 846 as of 11 October 2021, much lower compared to other Asian nations, GlobalData notes.

“Although Taiwan’s economy remained resilient from the outbreak of the COVID-19 pandemic, the overall consumer spending contracted and subsequently hampered the card payments,” Reddy said. “However, the market is now set to grow at a robust pace over the next four years, supported by strong payments infrastructure, growing preference for electronic payments, and government incentives.”

To boost consumption and drive credit card spending, Taiwan launched a ‘triple stimulus voucher’ program in 2020, which allowed consumers to earn cash back worth TWD2,000 (US$71.20) on credit card purchases. 

A similar program called Quintuple Stimulus Voucher program was launched in September and will run until April 2022, offering cash back worth TWD5,000 (US$178.01) on purchases using payment cards.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Event News

Event News

BDO Capital Named as PH’s Corporate and Investment Bank of the Year for 5 Consecutive Years Co-Written / Partner
BDO Capital & Investment Corporation (BDO Capital) has been recognized as the country’s Corporate and Investment Bank of the year for the 5th straight year at the Asian Banking & Finance Awards. BDO Capital’s remarkable achievement is a testament to its consistent excellence in delivering best-in-class investment banking services across various product lines in the Philippine capital markets.