TAIPEI (Taiwan News) — The Financial Supervisory Commission said Thursday that credit card spending in Taiwan reached NT$4.68 trillion (US$143.08 billion) last year.

The figure set a record, an 11.94% increase from the previous year. In December, credit card spending totaled NT$420.2 billion, a 21.56% rise compared with the same month in 2023, per CNA.

The commission’s Banking Bureau Deputy Director-General Hou Li-yang (侯立洋) said that most annual insurance premiums are paid in December, while land value tax payments made at the end of November also contributed to the significant increase in credit card spending in December.

The number of cashless payment transactions reached 8.3 billion last year, a 20.18% increase from 2023, the commission said. The value of cashless transactions amounted to NT$8.3 trillion, up 14.17% year-on-year.

The economic ministry said on Thursday that the share of consumers using mobile payments rose from 0.6% in 2017 to 11.2% in 2023. The highest proportion was in the general merchandise, pharmaceuticals, and cosmetics retail sectors.

Taipei had the highest rate of mobile payment usage at 56.1%, followed by Hsinchu at 55.3% and New Taipei at 52.4%. Individuals aged 20 to 49 were more inclined to use mobile payments than other age groups.

The commission hopes to popularize cashless payments in Taiwan, with the goal of reaching 8 billion cashless transactions and a value of NT$10 trillion by 2026.

CTBC Bank reported that its credit card spending totaled NT$805.3 billion last year, while debit card spending reached NT$124.9 billion, both ranking first in the market.