Tax payments lift credit card usage to record in JuneBy Chen Cheng-hui / Staff reporterCredit card spending hit a record NT$528.14 billion (US$17 billion) last month due to higher tax payments, the online payment information portal cardu.com.tw reported on Monday, citing statistics provided by the Financial Supervisory Commission (FSC). The information portal attributed the increase to more people using credit cards to pay their taxes on the back of incentives and rewards offered by most financial institutions. A person holds a bunch of credit cards in Taipei on March 19, 2018. If the momentum continues in the following months, aided by the robust travel payments, this year’s credit card spending is expected to surpass the NT$4 trillion mark, the information portal said. As of last month, Taiwan had 59.86 million credit cards in circulation, up from 59.6 million the previous month, the commission said.

Source: Forbes July 19, 2023 18:46 UTC