Taiwanese consumers move away from cash 台灣人愛刷卡 去年總額二·六兆創新高

Tue, Jan 09, 2018 - Page 15

Use of non-cash payments by Taiwanese is becoming more widespread, with the Financial Supervisory Commission (FSC) on Thursday last week reporting that from the beginning of last year up to November, domestic credit card transaction volumes totaled NT$2.393 trillion.

According to the FSC’s Banking Bureau, last year credit card transaction volumes amounted to an average of NT$200 billion per month. The bureau expects that when December’s figures are factored in — a peak period for consumer expenditure — the total figure for last year will be as much as NT$2.6 trillion, surpassing last year’s figure of NT$2.42 trillion and, in doing so, set a new record.

Banking Bureau Deputy Director-General Sherri Chuang says that as of November last year, Taiwan’s 36 credit card-issuing institutions together had 41.67 million cards in circulation.

As attitudes among the population gradually change, more people are willing to accept non-cash payments, including credit cards, says Chuang, while the increasing number of physical card payment channels and credit card accepting institutions has helped to boost card transactions volumes.

(Liberty Times, translated by Edward Jones)