Today, at the media gathering “Visa’s Future of Payments,” Visa introduced a series of customer-centric capabilities that support the development of the payment infrastructure, as well as facilitate future commerce experiences in Taiwan. As a leading payment technology company, Visa is helping bolster the Taiwanese government’s initiative to double e-usage from 26 percent to 52 percent by 2020.
According to the FinTech Development Strategy White Paper issued by the Financial Supervisory Commission (FSC), Taiwan’s electronic payment rate stands at 26 percent, which is relatively low compared to South Korea’s 77 percent, Hong Kong’s 65 percent, China’s 56 percent and Singapore’s 53 percent. However, it also presents potential for further expanding electronic payments in Taiwan. As the market’s payment environment has progressed and achieved many payment milestones in recent years, including the launch of the first Host Card Emulation (HCE) mobile payment solution for Visa credit cardholders in Taiwan, and the announcement of the first medical app that accepts card payments via mobile devices, Taiwan is ready to accelerate its development in electronic payments.
Meanwhile, consumers’ needs for mCommerce and e-payments are constantly growing in Taiwan. Based on “Mobile Payment Survey” conducted by the Market Intelligence and Consulting Institute, 62 percent of mobile payment users are satisfied with their overall shopping experience, and 71 percent expressed their willingness to continue using mobile devices for payments. The latest eMarketer report “Global Mobile Landscape 2016” also indicated that Taiwan has the highest smartphone penetration rate (86.8%) in Asia Pacific, followed by Singapore (86.3%) and South Korea (84.3%). All these encouraging figures represent a significant proportion of Taiwanese customers who are ready to embrace non-cash payment alternatives.
Chris Boncimino, Senior Vice President, Head of AP Digital Solutions, said, “It’s taken over 30 years in Taiwan to grow electronic payments of personal consumer expenditure to 26 percent. Visa is committed to boosting the e-payments industry by allowing all stakeholders to leverage Visa’s capabilities. We hope to be part of the journey and hit the 52 percent electronic payment target together with our industry partners.”
With the first Visa Innovation Center opened in April 2016, Visa focuses on providing capabilities to all stakeholders, including financial institutions and merchants, in order to drive the future of payments in Taiwan. These capabilities are very important, as they are fundamental to the development of new customer experiences. Our highlights include: