According to the press release, card payments are expected to reach USD 200.2 billion by 2024, increasing at a compound annual growth rate (CAGR) of 7.6% between 2020 and 2024.
Taiwan is among the least affected nations from the outbreak of COVID-19 pandemic. With the government introducing comprehensive stimulus measures and easing international travel restrictions, a rise in consumer spending is expected, which might drive growth in card payment.
Moreover, to boost consumer spending, the government launched the ‘triple stimulus’ programme that allows people to make purchases worth USD 100.19 for USD 33.40. Cardholders from 38 participating banks can register for this programme. Besides, by spending USD 100.19 between July 15 and December 31, 2020 via the registered credit card, an amount of USD 66.79 will be credited back as cashback on their credit card accounts.
Furthermore, the growth seen in ecommerce spending is also expected to benefit card payments, as credit and debit cards collectively account for a quarter of the ecommerce payments in the country. Therefore, ecommerce spending is expected to grow by 11.6% in 2020 compared to the earlier forecast of 9.7%, as consumer are shifting to online purchases to avoid exposing themselves to the virus.
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