Credit card spending continued to climb this year, underscoring resilient consumer demand driven by overseas travel, online shopping and the growing adoption of digital payment channels, even as broader economic uncertainties linger.
Cumulative credit card spending reached NT$4.14 trillion (US$131.7 billion) in the first 10 months of the year, marking a 6.65 percent increase from the same period last year, Financial Supervisory Commission data showed.
The growth momentum extended into last month and is expected to carry into next year with a double-digit expansion, the nation’s six largest card issuers said.
Photo: Lee Chin-hui, Taipei Times
Cathay United Bank Co (國泰世華銀行) reported double-digit growth in overseas spending and transactions via online travel agencies, while Taishin International Bank Co (台新銀行) saw overseas card spending surge 22 percent year-on-year. Taipei Fubon Commercial Bank Co (台北富邦銀行) said that overseas consumption continued to drive overall momentum, with online transactions accounting for an increasing share of spending. DBS Bank Taiwan Ltd (星展銀行) also highlighted double-digit annual growth in overseas travel-related transactions, identifying them as a key contributor to overall card usage growth.
Insurance premiums, overseas travel and online shopping ranked as the top three spending categories among cardholders. However, the fastest growth was observed in cross-border spending, e-commerce, and digital or mobile payment channels.
Both Cathay United Bank and E.Sun Commercial Bank Ltd (玉山銀行) recorded double-digit growth in online shopping, while Taipei Fubon Bank said its co-branded cards linked to major e-commerce platforms helped lift spending. E.Sun Bank said that app-based and small-value payment channels jumped more than 20 percent, reflecting the broader shift toward digital and mobile payments.
DBS highlighted that card-linked mobile payments were particularly popular for dining and small everyday purchases.
Demographically, consumers aged 30 to 49 accounted for more than half of total spending at Cathay United Bank, while Taipei Fubon Bank said its core spending cohort was aged 40 to 49.
Banks attribute this concentration to a combination of higher disposable income, frequency of overseas travel and comfort with digital payment technologies among these age groups.
Looking ahead, the banks expect credit card spending to post double-digit percentage growth next year, supported by sustained demand for overseas travel, experiential consumption and the continued expansion of digital payment ecosystems.
Cathay United Bank plans to deepen its partnerships with online platforms, while Taishin Bank plans to enhance cash rebates to retain and attract cardholders. Taipei Fubon Bank is targeting key retail channels operated by Costco President Taiwan Inc (台灣好市多) and Momo.com Inc (富邦媒體) to expand its market share.
These moves set the stage for an increasingly competitive credit card market, as issuers vie for consumers drawn to convenience, rewards and a seamless digital payment experience.
Vincent Wei led fellow Singaporean farmers around an empty Malaysian plot, laying out plans for a greenhouse and rows of leafy vegetables. What he pitched was not just space for crops, but a lifeline for growers struggling to make ends meet in a city-state with high prices and little vacant land. The future agriculture hub is part of a joint special economic zone launched last year by the two neighbors, expected to cost US$123 million and produce 10,000 tonnes of fresh produce annually. It is attracting Singaporean farmers with promises of cheaper land, labor and energy just over the border.
US actor Matthew McConaughey has filed recordings of his image and voice with US patent authorities to protect them from unauthorized usage by artificial intelligence (AI) platforms, a representative said earlier this week. Several video clips and audio recordings were registered by the commercial arm of the Just Keep Livin’ Foundation, a non-profit created by the Oscar-winning actor and his wife, Camila, according to the US Patent and Trademark Office database. Many artists are increasingly concerned about the uncontrolled use of their image via generative AI since the rollout of ChatGPT and other AI-powered tools. Several US states have adopted
A proposed billionaires’ tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while California Governor Gavin Newsom of the Democratic Party maneuvers to defeat a levy that he fears would lead to an exodus of wealth. A technology mecca, California has more billionaires than any other US state — a few hundred, by some estimates. About half its personal income tax revenue, a financial backbone in the nearly US$350 billion budget, comes from the top 1 percent of earners. A large healthcare union is attempting to place a proposal before
KEEPING UP: The acquisition of a cleanroom in Taiwan would enable Micron to increase production in a market where demand continues to outpace supply, a Micron official said Micron Technology Inc has signed a letter of intent to buy a fabrication site in Taiwan from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion to expand its production of memory chips. Micron would take control of the P5 site in Miaoli County’s Tongluo Township (銅鑼) and plans to ramp up DRAM production in phases after the transaction closes in the second quarter, the company said in a statement on Saturday. The acquisition includes an existing 12 inch fab cleanroom of 27,871m2 and would further position Micron to address growing global demand for memory solutions, the company said. Micron expects the transaction to
RSS