Taiwan Mobile Payments Market Size

Taiwan Mobile Payments Market Analysis

The Taiwan mobile payments market is expected to grow at a CAGR of 17.3% over the forecast period (2022 - 2027). The stores and services are rapidly adopting mobile payment applications, such as LINE Pay, Apple Pay, JKOPay, Google Pay (AndroidPay), TaiwanPay, PXPay, Pi Pay, and others to accept and transfer payments. With increasing internet penetration and rapid growth in online retailing, this trend is expected to continue over the forecast period.

• In Taiwan, payment apps and e-wallets provide customers with coupons, discounts, rewards, and loyalty points, among other benefits. Many businesses use digital wallet solutions to offer promotions, discounts, and coupons in exchange for using payment apps. E-wallets provide an ideal environment for different incentives to deal-seeking consumers, allowing mobile wallet apps to stand out in the market.
• With the increasing adoption of the M-commerce market, which involves online commercial transactions using wireless devices like smartphones, the mobile payments market is poised to grow over the forecast period.
• For instance, Line Pay's mobile wallet and digital payment service acquired 9.8 million users in the first three quarters of 2021 in Taiwan. They saw over 146 million transactions worth USD 2.45 billion in the first three quarters of 2021, expanding by more than 90% yearly.
• Furthermore, M-commerce allows customers to transact anywhere where wireless internet is available. Companies such as Google and Apple have also launched mobile commerce services. With the introduction of digital wallets such as Apple Pay and Google Pay, customers can make in-store transactions fast without the inconvenience of swiping a card.
• The pandemic has completely altered the payments ecosystem, stated Country Manager Taiwan Mastercard. According to a Mastercard online survey, more than 75% of consumers have increased their use of mobile payment methods since the epidemic. As a result, the mobile payment market has seen a major boost.
• The unexpected COVID-19 pandemic breakout in the country has boosted the Taiwan mobile Payments sector. Because of mobility restrictions and a large reliance on banks, there is enormous space for mobile wallet adoption across the country. During the pandemic, many previously reluctant citizens began using mobile wallets. During COVID-19, the market had a strong increase due to its reliance on e-commerce platforms.
• Furthermore, the growing number of smartphone users due to work-from-home and online schooling scenarios is likely to impact the growth of the Taiwan mobile payments market during the forecast period.