The popularity of contactless payments in Taiwan continues to surge, with more than half of face-to-face transactions carried out via contactless cards and mobile devices, including wearables such as smart watches.[1]
Since its official launch in 2005 in Taiwan as Visa payWave, “tap and pay” has become part of Taiwanese’s everyday life, accounting for 55 percent of all retail payments. Food and grocery makes up two-fifth (39 percent) of contactless payments, followed by shopping at department stores at 13 percent and dining at 9 percent.
Marco Ma, Visa General Manager, Taiwan: “Contactless payments are now integral to Taiwanese way of life, being accepted at more merchant locations than ever before here and across Asia. In Taiwan, contactless payments make ‘going cashless’ easier and support the government’s national agenda to expand digital payments by bringing fast, convenient and secure payments for all.”
Today contactless-enabled point-of-sale terminals make up 62 percent of all acceptance points in Taiwan, according to Visa’s data. In Asia Pacific, Taiwan ranks second after Australia (91 percent) in the availability of contactless payments, ahead of Singapore (57 percent), India (41 percent), and Hong Kong (39 percent).
In terms of usage, the top four countries in the region with highest penetration of Visa contactless payments are Australia (94 percent), New Zealand (78 percent), and Singapore (76 percent).
According to Visa’s Contactless Awareness and Usage study [2] , consumers in Taiwan are familiar with contactless payments. As many as 61 percent of respondents said they would like all their cards to be contactless-enabled, while 74 percent wanted more retailers to accept contactless payments. The recent launches of contactless payments in smart phones and fitness wearables have further made “tap and pay” more popular.
Mr. Ma added: “Contactless payment continues to grow in popularity even as other payment methods such as QR code emerge. Part of the success of contactless payment in Taiwan is the adoption of international and interoperable EMV® Specifications, making it possible for people and businesses to connect and pay electronically anywhere in the world – securely, speedily, and at scale.”
EMV®Specifications and related testing processes are managed by EMVCo [3] , the global technical body that facilitates the worldwide interoperability and acceptance of secure payment transactions.
Mr. Ma said: “As mobile payments, including QR code, become more common it is ever more important for consumers with Visa accounts in Taiwan to be able to scan and pay conveniently at home and abroad. Using the same global standards ensures interoperability and wide-scale adoption.”
Last year, Visa completed EMV® QR code implementation with Taiwan’s debit networks, as well as launching standardized bill payment solutions with 21 credit card issuers. Mr. Ma added that in 2018, Visa saw a 450-percent growth in acceptance points in Asia alone [4], many of which at travel destinations frequented by Taiwanese, such as Thailand and Vietnam. Taiwan’s tourism and economy too will benefit from cross-border-enabled QR code payment acceptance.
###
About Visa Inc. Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews
[1] VisaNet: September 2018 [2] Source: “Visa Contactless Awareness & Usage Survey” was an online survey conducted in August 2017 by Socratic Forum on behalf of Visa in an effort to track awareness, adoption and attitudes toward mobile payments. The survey interviewed 302 respondents, aged between 18 to 49. Data from an additional 195 users of Pay services were collected for additional analysis. [3] EMVCo is collectively owned by American Express, Discover, JCB, Mastercard, UnionPay and Visa, and focuses on the technical advancement of the EMV Specifications. To provide all payment stakeholders with a platform to engage in its strategic and technical direction, EMVCo operates an Associates Programme and encourages all interested parties to get involved. [4]VisaNet: year-on-year growth as of end of FY18
New Visa digital payment milestone – Every other face-to-face transaction carried out by Taiwanese is contactless (Photo provided by Visa)
