- Online payments grew by 16 points during this period, while number of tokenized transactions rose by 70 percent, indicating acceleration in eCommerce and mobile commerce adoption[1]
- The pandemic also opens up opportunities to serve customers in B2B space, in connecting all endpoints and networks, new payment flows, consulting and analytics and fintech engagement
Taipei, Taiwan, July 30,
2020 – The current pandemic has
sped up digital payment adoption in Taiwan, as Visa saw online payment grew by 16
points in the first half of the year compared to the same period last year. The
number of tokenized transactions have also gone up by 70 percent year-on-year[2], despite general global
economic slowdown.
With eCommerce represents only
about 14 percent of global retail spending[3], the shift from
physical to digital payment continues to gain traction. As a result, digital
payment methods and channels are multiplying, with more choices for consumers than
ever, particularly in a digitally driven market such as Taiwan.
Michelle Jao, Visa General Manager,
Taiwan, said: “From a digital commerce perspective, the pandemic has
accelerated years of progress into the span of a few months. More people are
buying online and using contactless payment in Taiwan, which now accounts for
seven in ten of all face-to-face transactions[4]. These consumer
behaviours will likely persist even after the pandemic, which means businesses
will need to calibrate their strategies to meet these consumer expectations.”
In a
world that is accelerating towards digital-first experiences, Visa is leveraging
our global commerce network to connect the world and move beyond cards and
payments to enable the movement of money for everyone, everywhere. In Taiwan, Visa will
focus on three major pillars to help our clients and partners to new consumer
demand and commerce landscape.
1. Foster an open
ecosystem for collaboration
As
digital commerce matures, there is a need to foster an open and more inclusive
ecosystem for collaboration. Fintechs play a central part in the future of
commerce, as they try to solve unmet needs in the market. Instead of innovating
in isolation, Visa are partnering with fintechs in and outside of Taiwan on
four major areas of advancement: cross-border remittance, B2B payments,
security and identity verification, and customer loyalty.
2. Expand new payment flows
Money flows are in more ways among
consumers, corporations and governments than just consumer to business
paying for goods and services. And the opportunity to digitise these flows in
Asia Pacific alone is more than US$80 trillion.[5] In Taiwan, Visa is applying
its global scale and capabilities across all payment flows, namely in
cross-border remittance via Visa Direct, money transfer through Visa B2B
Connect, and commercial card solutions to meet the needs of our underserved customers,
bringing efficiency and transparency in the international movements of money.
3. Use data analytics and consulting to help clients grow and adapt
The combination of Visa’s deep
payment consulting expertise and breadth of data allows the company to identify
actionable insights and recommendations that drive better business decisions
for our clients and partners. Visa’s visibility of global data and trends,
coupled with our ethical approach to personal data, puts the company in an
ideal position to help clients and partners make the best use of data to serve customers and end-users. Visa Consulting and Analytics has a strong presence in
Taiwan and Asia Pacific with hundreds of Visa consultants and data scientists working
to help issuers, acquirers and merchants optimize value creation and capture.
Ms Jao added: “As the world’s largest
electronic payments network, Visa wants to bring our core strengths in
security, reliability, speed, scalability and availability, to our partners to futureproof
their businesses and meet consumer demands, current and undiscovered. As such,
there is a need for Visa to expand its networks and apply its capabilities
across all payment flows, becoming a single point of connection to help
consumers, businesses and governments around the world move money safely and
efficiently. ”
[3] Source: Statista
https://www.statista.com/statistics/534123/e-commerce-share-of-retail-sales-worldwide/