The Taiwanese card payments market demonstrated moderate growth during the review period. Robust banking infrastructure in the country and a shift towards cashless transactions by consumers contributed to the growth of channel during the review period. Card volume is expected to grow at a CAGR of 4% over the forecast period.
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In terms of number of transactions, the card payments channel is expected to record a CAGR of 3% over the forecast period due to an anticipated growth in e-commerce, outbound tourism and usage of contactless cards at POS terminals.
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Debit cards dominated the card payments channel with a share of 70% share followed by credit cards with 29%. The number of cards per person averages more than five cards. To increase card usage in the already mature market, banks in Taiwan are targeting niche segments and offering personalized loyalty programs. For instance, banks are offering a wide variety of benefits such as insurance, free tickets to movies and access to international airport lounges to travelers. For high net worth individuals (HNWIs), banks are also offering benefits such as zero liability protection on lost cards, free airport pickup and other benefits.
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Banks in Taiwan expanded their infrastructure networks across the country during the review period, resulting in an increase in the number of ATMs and POS terminals. 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. It is projected to grow at a CAGR of 3% over the forecast period. The number of POS terminals in Taiwan recorded a CAGR of 5% during the review period. With further increases in the volume of POS terminals, the use of cards is expected to continue to grow over the forecast period.
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