Market Size of Taiwan Mobile Payments Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 17.30 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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.
Taiwan Mobile Payments Industry Segmentation
Mobile payment is a payment made for a product or service through a portable electronic device such as a tablet or cell phone. The study tracks mobile payment applications based on transaction type, Proximity and Remote payment. The study tracks key market metrics, underlying growth influencers, and significant industry vendors, supporting India's mobile payments market estimates and growth rates throughout the anticipated period. The study looks at COVID-19's overall influence on the Country's payment ecosystem.
Taiwan Mobile Payments Market Size Summary
The Taiwan mobile payments market is experiencing significant growth, driven by the rapid adoption of mobile payment applications and e-wallets such as LINE Pay, Apple Pay, JKOPay, and Google Pay. This growth is fueled by increasing internet penetration and the expansion of online retailing, which have made mobile payments more accessible and convenient for consumers. The market is further bolstered by the rise of M-commerce, allowing transactions via smartphones anywhere with wireless internet. The COVID-19 pandemic has accelerated this trend, as mobility restrictions and a shift towards e-commerce have led to a surge in mobile wallet usage. The introduction of digital wallets and the growing number of smartphone users, particularly due to work-from-home and online schooling scenarios, are also contributing to the market's expansion.
The competitive landscape of the Taiwan mobile payments market is moderately concentrated, with key players like LINE Pay, JKOPay, and Google Pay dominating. These companies are investing heavily in research and development to enhance security and expand their service offerings. The market is witnessing the integration of new services, such as insurance options within e-wallets, and collaborations to expand payment acceptance across regions. The simplicity of QR-code-based payments is enhancing adoption among small retailers and vendors, further driving market growth. As consumers increasingly prefer mobile payments over traditional methods, the market is poised for continued expansion, supported by technological advancements like 5G and NFC payments.
Taiwan Mobile Payments Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Booming E-Commerce Sector Propelling the Taiwan Mobile Wallet Market Growth
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1.1.2 Penetration of Smartphones and internet users Will Drive Market Growth
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1.1.3 Favorable Government Initiatives
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1.2 Market Challenges
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1.2.1 Limited Access to Bank Services (particularly in rural areas) and Security Issues
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1.3 Market Opportunities
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1.3.1 Move towards Cashless Society
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1.4 Key Regulations and Standards in the Mobile Payments Industry
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1.5 Analysis of Business Models in the Industry
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1.6 Analysis of the Increasing Market Penetration of Mobile Wallets
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1.7 Analysis on Enabling Technologies (Coverage to include NFC, QR, etc.)
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1.8 Commentary on the growth of Mobile Commerce and its influence on the Market
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2. MARKET SEGMENTATION
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2.1 By Type (Market share in percentage based on relative adoption)
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2.1.1 Proximity
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2.1.2 Remote
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Taiwan Mobile Payments Market Size FAQs
What is the current Taiwan Mobile Payments Market size?
The Taiwan Mobile Payments Market is projected to register a CAGR of 17.30% during the forecast period (2024-2029)
Who are the key players in Taiwan Mobile Payments Market?
LINE Pay Corporation (LINE Pay), Apple Inc. (Apple Pay), Jkopay Co. Ltd. (JKOPay), Alphabet Inc. (Google Pay) and TaiwanPay are the major companies operating in the Taiwan Mobile Payments Market.