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Taiwan

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

$43,000,000,000
Online shopping market value
40%
Pay with cards
85%
Mobile penetration
$1,094
Avg annual online spend

Banks in Taiwan

CTBC Bank
Deutsche Bank
Hua Nan Com Bank
Bank of Taiwan
Shanghai Commercial and Savings Bank
Land Bank of Taiwan
Taiwan Cooperative Bank
Citibank Taiwan
Taipei Fubon Bank
Sun Commercial Bank

Mobile Carriers in Taiwan

Chunghwa Telecom
Taiwan Mobile
FarEasTone
T Star

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.

Country Statistics
Region Greater China
Population 23.8 million
E-commerce market size $43 billion
Local currency TWD
Key Metrics
Internet penetration rate 92.6%
Internet cost $17/month
Mobile penetration rate 85%
Cellular technology standard 4G, 5G
Dual sim usage 35.6%
Popular mobile OS Android, iOS
Other Information
Big Mac Index 2.45
Average annual income $14,273
Largest Cities in Taiwan by Population
New Taipei 4,000,164
Taichung 2,809,004
Kaohsiung 2,773,229
Taipei 2,661,317
Taoyuan 2,230,653
Tainan 1,883,078

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