TAIPEI (CNA) — Taiwan is expected to report more than NT$2.8 trillion (US$90.91 billion) in credit card spending for 2018, a new high at a time when cashless payment has gained in popularity among local consumers, the Financial Supervisory Commission (FSC) said on Jan. 8.
Data compiled by the FSC, the top financial regulator in Taiwan, showed that credit card spending in the first 11 months of last year totaled NT$2.64 trillion, beating the previous high of NT$2.62 trillion recorded for 2017.
In November 2018, credit card spending totaled NT$246.6 billion, down NT$10.5 billion from October. However, with December an important shopping period, the figure is likely to rebound and push up annual credit card spending further, the FSC said.
With annual credit card spending expected to pass NT$2.8 trillion, 2018 will be the ninth consecutive year spending has hit a new annual high, according to the FSC.
As of the end of November, 43.86 million credit cards issued by 34 banks were circulating in Taiwan, up 0.34 percent from a month earlier and 5.26 percent from a year earlier, the FSC said.
The non-performing ratio of the 34 banks in terms of credit card spending stood at 0.23 percent on average as of the end of November, down 0.01 percentage points from a month earlier but unchanged from a year earlier, according to the FSC.
By Tien Yu-pin and Frances Huang