Taiwan is among the least affected nations from the COVID-19 pandemic
Taiwanese payment cards market forecast revealed. Source: pixabay.com
GlobalData has revealed that the value of card payments in Taiwan is expected to grow by 5.6% in 2020. The value is forecasted to reach $200.2 billion by 2024 increasing at a CAGR of 7.6% between 2020 and 2024.
The report highlights that the government is imposing comprehensive stimulus measures and easing international travel restrictions. That’s why a rise in consumer spending is expected which will, in turn, drive growth in card payments.
The government has launched the ‘triple stimulus’ program that allows people to buy $100.19 worth for $33.40 to boost consumer spending.
On spending $100.19 between July 15 and December 31, 2020 via the registered credit card, $66.79 will be credited back as cashback on the credit card account. This program is expected to help boost card payments transactions.
Besides, further e-commerce spend growth is expected to benefit card payments. In fact, credit and debit cards collectively would be accounting for a quarter of e-commerce payments in the country.
We’ve reported that m-commerce is expected to be one of the beneficiaries of the pandemic in Belgium, as bars and restaurants are reopening.
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