Taiwan’s (Province of China) credit card payments market is projected to grow by 7% in 2025 to reach TWD5 trillion ($156.2 billion), driven by rising consumer preference for non-cash transactions. Growth is supported by expanding e-commerce, contactless payment adoption, and value-added benefits such as cashback and instalments, despite headwinds from global economic uncertainty and the latest round of US-imposed tariffs, according to GlobalData, a leading data and analytics company.
GlobalData’s Payment Cards Analytics reveals that Taiwan saw a growth of 19.9% in credit card payments value in 2023, and continued its growth trajectory with 11.9% growth to reach TWD4.7 trillion ($145.9 billion) in 2024. However, the current global uncertainty because of latest US tariffs can pose a challenge for the Taiwan’s overall economic growth, resulting in slowdown in the overall credit card payments value.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Despite having a lower penetration than debit cards, credit cards are preferred for payments. The average frequency of payments per card stands at 66.1 times in 2025, compared to 5.2 times for debit cards. The rise in the middle class and young working population coupled with a developing payment infrastructure and a growing e-commerce and contactless payments are all supporting this growth.
Credit cards dominate in terms of payment card transaction value, accounting for 93.1% of the total in 2024. This can be attributed to the value-added benefits that are provided to incentivize credit card payments, such as discounts and cashback. Meanwhile, the availability of credit card balance repayment solutions positively contributes to the preference for credit cards.
In addition, most of the country’s major banks offer installment payment facilities, enabling consumers to convert large-ticket purchases into monthly payments. For example, Taipei Fubon Bank offers an installment payment plan. This enables credit card holders to make purchases at select merchants and convert their purchases into up to six interest-free installments.
Notably, credit cards are the primary method of payment for e-commerce transactions in Taiwan, accounting for one-third of total transaction value. This can be attributed to the benefits offered with credit cards for online payments. For example, Cathay United Bank collaborated with online retailer Shopee to offer the Shopee co-branded credit card. The card enables holders to earn Shrimp Coins (Shopee’s reward points) when making purchases via the Shopee website using the card.
The growing usage of contactless payments for public transport payments is also contributing to this. In November 2023, the Taipei Rapid Transit Corporation (Metro Taipei) signed an agreement with Thales Group—a French manufacturer of electrical systems for the aerospace, defense, transportation, and security sectors—and IT solutions provider MiTAC Information Technology to offer multiple contactless payment options to passengers such as credit cards and digital wallets.
Sharma concludes: “Looking ahead, Taiwan’s credit card payments market is poised for continued expansion. The ongoing shift from cash to electronic payments, availability of pricing benefits on credit cards and rising adoption of contactless payments, are expected to further boost credit card usage. The credit card market is expected to grow at a CAGR of 7.8% between 2025 and 2029 to reach TWD6.8 trillion ($211.3 billion) in 2029.”
