Mon, Aug 06, 2018 - Page 16 News List

Credit card buys for first half hit nearly NT$1.44tn

SPIKE IN SPENDING:June saw consumers rack up NT$298.2 billion on the 42.61 million cards that are circulating nationwide, commission data showed

Staff writer, with CNA

Credit card spending in Taiwan totaled nearly NT$1.44 trillion (US$46.9 billion) in the first half of this year, the Financial Supervisory Commission said.

Data compiled by the commission and released on Thursday showed that credit card spending was up NT$138.8 billion from NT$1.3 trillion over the same period last year.

The spending was equivalent to about 54 percent of the total NT$2.62 trillion recorded for the whole of last year, the data showed.

The spike in spending came after consumers recorded the highest-ever monthly credit card spending of NT$298.2 billion in June, compared with NT$295.2 billion the previous June and up NT$47.1 billion from May, the data showed.

More consumers used their credit cards during the tax season, Banking Bureau Deputy Director Wang Li-chun (王立群) said.

June has become a peak season for credit card business, he added.

So far this year, except February, when credit card spending totaled NT$198.1 billion, the monthly spending amount topped the NT$200 billion mark, data showed.

As of June, 42.61 million credit cards issued by 34 banks were circulating nationwide, up 0.42 percent from a month earlier and up 3.62 percent from a year earlier, the commission said.

Despite the increase in June, the non-performing ratio of the 34 banks in terms of credit card spending averaged 0.23 percent as of the end of the month, down 0.01 percentage points and unchanged from the end of May, it said.

Consumers in Taiwan spent NT$11.4 billion through the three major foreign mobile payment systems — Apple Pay, Samsung Pay and Google Pay — in the first half of this year.

The average monthly spending totaled NT$1.9 billion, up from NT$1.25 billion seen in the second half of last year, the commission said.

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