More Taiwanese online shoppers are using alternative payment methods

Over 25% of online buys were paid through alternative payment methods, GlobalData reported. 

More Taiwanese consumers are using alternative payment methods when making online purchases, GlobalData reported. 

In a report, it was found that 28.8% of e-commerce transactions were paid through alternative payment methods. 

“The e-commerce market in Taiwan has been growing at a robust pace, mainly due to rising internet and smartphone penetration, coupled with increasing consumer confidence in online transactions,” Kartik Challa, Senior Banking and Payments Analyst at GlobalData, said. 

“The pandemic accelerated this shift in consumer preference from brick-and-mortar to online channels. Furthermore, online shopping festivals such as Singles’ Day and Annual 12.12 Birthday Sale have also contributed to the overall growth of e-commerce in the country.”

Read more: Indonesia’s e-commerce market to grow 23.8% to $30b in 2022

The Taiwanese e-commerce market grew by 13.9% in 2022 to reach TWD1.3t ($42.6b billion), as an increasing number of consumers shift from offline to online purchases. 

The e-commerce market in Taiwan is expected to grow further by 12% to reach TWD1.5t ($47.8b) in 2023.