Accept payments in Taiwan
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Taiwan Payment Market Overview
The e-commerce market in Taiwan has grown at a rapid pace over the past few years, with a market size of US$43 billion, and a 5-year average growth rate of 10-20%. It is predicted that Taiwan’s online retail platforms will eventually overtake sales in physical retail stores, accounting for more than half of the multi-billion-dollar retail sector. Taiwan’s e-commerce penetration rate is one of the highest in the world, which naturally entails a large market of sophisticated consumers who are familiar with global trends. As the e-commerce market in Taiwan continues to develop, consumption trends amongst online shoppers shift simultaneously. Whereas the initial advantage of e-commerce was to provide better access to foreign trends unavailable in Taiwan’s traditional retail market, Taiwan users of e-commerce platforms have come to value convenience over accessibility within the past several years.
Survey responses indicate that Taiwan shoppers prize convenience, information, and affordability when shopping online. Convenience is cited by 77 percent of Taiwan consumers as their main reason for shopping online whereas 69 percent rely on online product reviews to make purchase decisions and 52 percent believe that online stores offer better deals than brick-and-mortar retailers.
Payment Methods in Taiwan
Key Market Indicators in Taiwan
Banks in Taiwan
Mobile Carriers in Taiwan
Integrate Taiwan Payment Methods
Total card payment transaction value accounted for 40% of total consumer payments in Taiwan in 2019. The majority of card payment transaction value in the country took place in credit cards, while debit and charge cards contribute significantly small transaction value.
Digital payments are becoming more popular than ever in Taiwan. More consumers and retail merchants are willing to accept digital and card payments, highly driven by the increasing incentives of payment channel adoption.
|E-commerce market size||$43 billion|
|Internet penetration rate||92.6%|
|Mobile penetration rate||85%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||35.6%|
|Popular mobile OS||Android, iOS|
|Big Mac Index||2.45|
|Average annual income||$14,273|