Holiday Weekends Boost Dining and Travel Demand, May Credit Card Spending Hits Record High for the Period

Taipei, July 7 (CNA) The Financial Supervisory Commission (FSC) announced today that the May Day holiday weekend and Mother's Day holidays in May boosted demand for shopping, dining, and travel, driving credit card spending to a record high of NT$420.2 billion for the period, an annual increase of 13%. Coupled with the public's increasing adoption of cashless payments, total spending in the first five months of the year reached NT$2.0883 trillion, also a record high for the period, with a year-on-year growth of 12.51%.

The FSC released its May credit card and electronic payment institution business information today. As of the end of May, there were 32 credit card issuing institutions, with a total of approximately 59.71 million active cards in circulation and about 40.13 million valid cards.

Wang Yun-chung, deputy director of the FSC's Banking Bureau, stated that credit card spending in May was approximately NT$420.2 billion, an increase of NT$4.3 billion from the previous month and 13% year-on-year. This was mainly attributed to the May Day holiday weekend and Mother's Day holidays, which stimulated public demand for dining, shopping, and travel. Furthermore, the growing preference for cashless payments has led to a total spending of NT$2.0883 trillion in the first five months of this year, continuing to set a new historical record for the same period.

In addition to credit cards, electronic payments have also become a common payment channel for the public. As of the end of May this year, the total number of users for electronic payment accounts reached approximately 40.77 million, an increase of about 390,000 from the previous month. In May, the amount of actual transaction funds collected and paid through agents was approximately NT$31.87 billion, an increase of about NT$2.88 billion from the previous month.

Statistics show that since its launch at the end of last year, LINE Pay Money has topped the list for collected and paid transaction amounts for the first time in February this year, and has continued to hold the championship title in March, April, and May, demonstrating its market penetration.

In terms of the number of electronic payment users, the top five are Jiekou Pay with 7.28 million users, followed by iPASS with 7.24 million users. AllPay ranks third with 7.20 million users, EasyCard ranks fourth with 4.21 million users, and LINE Pay Money is fifth with 4.07 million users. The rankings remain the same as in April. (Edited by Lin Chia-han) 1150707)

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