Credit card spend in Taiwan hits $10.42b in June

The tax season drove monthly gains.

Credit card spending in Taiwan hit a monthly record high of $10.42b (NT$328.2b) in June as consumers turned to the plastic to pay for their tax obligations during the tax season, reports Focus Taiwan. This represents a 22.51% increase from $1.91b (NT$60.3b) in the previous month. 

In the first six months of this year, credit card spending totaled about $50.8b (NT$1.60t). The FSC estimates that credit card spending is expected to surpass the $95.25b (NT$3t) mark in 2019.

Also read: Citibank Taiwan unveils credit card with higher cashback

In terms of card-issuing bank, CTBC assumed the top spot with consumers shelling out $2.18b (NT$68.54b) through its issued cards. E. Sun Commercial Bank came in second with credit card spending $1.52b (NT$47.87b), pulling ahead of Cathay United Bank with $1.5b (NT$47.23b). Taishin International Bank rounded out the top four with $1.12b (NT$35.3b). 

As of June, a total of 45.32 million credit cards were circulating in Taiwan, up 0.29% MoM and  6.36% YoY.