Payment methods used in Taiwan

Taiwan

General Information

Population 23.9 m
Population 15 + 22.0 m
Online population 22.0 m
Area 36,193 km²
Currency TWD
GDP 785.6 bn $US
GDP per capita 32,925 $US

Card-based payments
Cash-based payments
Bank transfer
Wallets
Other

[{"label":"Card-based payments","value":"48"},{"label":"Cash-based payments","value":"12"},{"label":"Bank transfer","value":"14"},{"label":"Wallets","value":"18"},{"label":"Other","value":"8"}]

Banked population

Taiwan 95%
Asia Pacific 76%
World 67%

Credit card penetration

Taiwan 56%
Asia Pacific 29%
World 19%

Internet penetration

Taiwan 92%
Asia Pacific 61%
World 62%

Smartphone penetration

Taiwan 88%
Asia Pacific 62%
World 70%

As e-commerce sales are expected to grow rapidly, the Taiwanese government have made as part of their strategy to develop their e-commerce and digital trade, to develop e-commerce shipping warehouses in partner countries. To that end, Ally Logistics Provider have invested in smart warehousing facilities in Malaysia, and is planning to invest in Thailand, Vietnam and the Philippines in the coming years.

The most popular contactless payment method in Taiwan, LINE Pay was used by 9.8 million users during the first three quarters of 2021, with over 146 million transactions, in total worth 2.45 bn $US.

Social commerce in Taiwan is expected to grow by 48.1% in 2022 to reach 1.66 bn $US, and is forecast to continue to grow until 2028 by CAGR 41.2% to be worth 12,530.4 m $US.

And 20% of all credit card payments were made using a mobile phone – an increase of 4.5% on the previous year.

Future e-commerce trends (2021-2026)

B2C e-commerce ($US billion)

2022 47.3

2023 53.0

2024 58.4

2025 63.9

2026 69.0

E-commerce spending per capita ($US)

2022 2010

2023 2255

2024 2490

2025 2725

2026 2950

E-commerce spending as % of GDP

2022 5.8%

2023 6.3%

2024 6.8%

2025 7.2%

2026 7.6%

Taiwan

The E-Commerce Market

Top e-commerce segments

Electronics & Media
Fashion
Food & Personal Care
Furniture & Appliances
Toys, Hobby & DIY

Top 3 cross-border shopping origin markets

China
Japan
US

B2C e-commerce growth 20->21

Taiwan 15.4%

E-commerce % of total retail

Taiwan 9%
Asia Pacific 29%
World 20%

E-commerce completed on a mobile device

Taiwan 56%
Asia Pacific 65%
World 53%

The Credit Card Split

Visa
Mastercard
American Express
Local Schemes
Other

[{"label":"Visa","value":"28"},{"label":"Mastercard","value":"7"},{"label":"American Express","value":"1"},{"label":"Local Schemes","value":"60"},{"label":"Other","value":"4"}]

E-commerce market size 41.4 bn $US
E-commerce spending per capita 1,757 $US
E-commerce spending as % of GDP 5.3%

_{The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.}

Taiwan

Local Payment Methods

BitPay

Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet

Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Skrill

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Allied Wallet

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay SecurePay

Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Google Pay

Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Konbini Payments