Taiwan's payment card market will grow by 15.2% in 2021, according to a press release from GlobalData. This follows a slump in the market in 2020 due to COVID-19.

The market will reach $130.6 billion in 2021 and grow at a compound annual growth rate of 9.5% to reach $187.7 billion in 2025. The Taiwanese government will support this growth through programs such as the Quintuple Stimulus Voucher program, launched in September 2021 and running till April 2022, which offers cash back worth $178.01 on payment card purchases.

"Although Taiwan's economy remained resilient from the outbreak of the COVID-19 pandemic, the overall consumer spending contracted and subsequently hampered the card payments," Nikhil Reddy, payments senior analyst, GlobalData, said in the release. "However, the market is now set to grow at a robust pace over the next four years, supported by strong payments infrastructure, growing preference for electronic payments, and government incentives."

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