Visa Infinite and Visa Platinum cardholders have become a major consumer group as purchases on those cards overseas last year grew 6 percent year-on-year to account for 66 percent of Visa cards' total usage, a report released yesterday by Visa International said.
The number of the two high-end cards surpassed 6.85 million as of the end of September, representing 28 percent of Visa's cards in circulation.
The average transaction on Infinite and Platinum Visa cards abroad was approximately NT$6,200 last year, compared with NT$5,700 for Visa credit cards, the report said.
"The market of classic and gold cards is shrinking and now we're targeting Platinum and Infinite cardholders as the major contributors," said Visa country manager in Taiwan Marco Ma (
Although the banking sector last year was dented by consumer bad loans, Taiwanese traveling abroad were big spenders, swiping close to NT$52 billion (US$1.6 billion) on their Visa credit cards. The total was similar to the previous year.
The figures showed the growing interest in overseas travel, which stimulated Visa to add card perquisites for buying airline tickets, eating out, staying in hotels and visiting golf courses in countries especially popular with tourists, Ma said.
The report said that most Taiwanese tourists chose destinations within Asia-Pacific, with credit card consumption within the region accounting for 60 percent of the total amount charged to cards last year.
Taiwanese Visa holders spent the most in the US at 22 percent of overall consumption.
Next came China at 16 percent, Hong Kong at 13 percent, Japan at 10 percent and the UK at 7 percent.
Card holders charged the largest average sums in Italy and France, swiping on average NT$13,600 and NT$10,730, respectively, mostly on luxury goods.
Average transaction amounts were also high in Macau, with an average of NT$10,780, mostly on sports and entertainment, the report said.
In terms of retail channels, popular locations included department stores (NT$3.6 billion), jewelry shops (NT$2.1 billion) and clothing stores (NT$1.6 billion).
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily