More than 70% Taiwanese Consumers Aware about Mobile Payment Services, finds Study
Albany, New York, September 20, 2016 – Driven by the efforts made by international giants to capitalize on mobile payment, a considerably large number of firms in Taiwan are jumping into the bandwagon by providing corresponding services. In a report, titled “Mobile Payment Consumer Survey in Taiwan: Intention Analysis of Demographic Groups,” recently added to the repository of Market Research Hub, a comprehensive analysis of the mobile payment penetration in Taiwan is provided. It analyzes the various factors having impact on the market such as the latest technological advancements and the influence of government initiatives.
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The penetration of the mobile payment industry in Taiwan was possible due to the high awareness about the same across all generations in the country. According to the report, awareness about mobile payment services exceeds 70% across all age groups in the country. As consumers demonstrate increasing preference towards mobile payment options, the future of the industry in Taiwan seems promising. The report has found that nearly 20% of millennial have used mobile payment gateways. Furthermore, over 55% of mobile payment users from millennial and baby boomers prefer using mobile payment as the primary payment method option in Taiwan. The report also states that over 60% of them prefer mobile payment over cash credits.
The report mainly focuses on providing a holistic mobile payment consumer survey for the market in Taiwan. For the purpose, it thus elaborates the development of the Taiwanese mobile payment market in detail. To begin with, the report has mentioned the research methods adopted and the participants of the survey. Hence, for the purpose of the study, the mobile payment market in Taiwan has been segmented based on the preferred mode of payment by traction, mobile payment distribution by age, consumer preference in terms of security identification methods, and preferred payment methods.
Besides the aforementioned parameters, the report also studies in great detail the various factors influencing consumers towards opting for mobile payment. To present a 360 degree overview, it proceeds with providing an in-depth user experience analysis.
On the basis of meticulous survey, the report has found that consumers’ perception with regards to mobile payments is going strong in Taiwan. Millennial consumers are likely to be the major influencers of the country’s mobile payment market. According to the report, millennial display the highest NFC adoption rate of nearly 40%. Despite witnessing favorable growth opportunities, persisting security concerns have been posing threat to the mobile payment market in Taiwan.
This mode of payment is considered highly vulnerable to cybercrimes since it exposes confidential consumer data to cloud. According to the report a considerable 70% of the non-users in Taiwan are concerned about security of their personal data. Moreover, about 30% of millennial users attach prime importance to security and personal financial management. Therefore, for vendors to enjoy sustainable growth making their mobile payment gateways more secure is imperative. Nevertheless, with the latest advancements, the technology is not considered utopian anymore. Furthermore, with core users constituting a major percentage of the Taiwan mobile payments market, players operating therein will have ample opportunities to capitalize on in the near future. As per the report, over 60% of baby boomers and millennial will continue using mobile payment as their primary payment method in the forthcoming years as well.
To study the vendor landscape of the market, the report also profiles the leading companies such as Tenpay, Alipay, and others. Strategies adopted by these companies are analyzed, besides which the report also studies their strengths and weaknesses. It includes the threats and opportunities that these market will witness in the forthcoming years as well.
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