E-commerce drives growth in Taiwan’s credit card payments market

Online transactions make up one-third of total card transaction value.

Taiwan’s credit card payments market is projected to grow by 7% in 2025, reaching $156.2b (TWD5t), according to GlobalData.

Growth is driven by rising consumer demand for cashless payments, expanding e-commerce, and increased adoption of contactless technology.

In 2023, credit card transaction value rose by 19.9%, followed by 11.9% growth in 2024 to $145.9 b (TWD4.7t). Despite economic uncertainty and new U.S. tariffs, demand for credit cards remains strong.

“Despite having a lower penetration than debit cards, credit cards are preferred for payment,” said Ravi Sharma, Lead Banking and Payments Analyst at GlobalData. “The average frequency of payments per card stands at 66.1 times in 2025, compared to 5.2 times for debit cards.”

He said the growth is driven by a rising middle class, a young workforce, better payment infrastructure, and the surge in e-commerce and contactless payments.

Credit cards made up 93.1% of all payment card transaction value in 2024. Most major banks offer installment plans, such as Taipei Fubon Bank’s six-month interest-free option for select purchases.  E-commerce is a major contributor to credit card usage, with online transactions making up one-third of total card transaction value.

Notable collaborations, such as Cathay United Bank’s co-branded credit card with online marketplace Shopee, reward consumers with Shopee’s Shrimp Coins for purchases made on the platform, further incentivising online credit card use.

Public transport is also fueling growth. In November 2023, Metro Taipei partnered with Thales Group and MiTAC to introduce contactless payments using cards and digital wallets.

GlobalData expects the market to continue growing, reaching $211.3 b (TWD6.8t) by 2029, with a CAGR of 7.8%.