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Mobile Money Makes the World Go Around

There is still space for Taiwan to further develop, According to Nielsen Mobile Shopping, Banking and Payment Report

The world of commerce is being transformed as consumers use their mobile devices to conduct product research, look for deals or coupons and, increasingly, purchase goods and services from virtually any store from nearly anywhere in the world. Mobile devices are also transforming the banking and payments industry, creating more ways to save and pay than before. They’re providing financial inclusion to the estimated 2 billion unbanked consumers around the world, while the revolution in banking and payments is likely to be a strong driver of consumer spending in the years to come. The Demand Institute, jointly operated by Nielsen and the Conference Board, estimates that the growth in access to cashless payments could reach $10 trillion as much in additional consumer spending over the next decade.

Social communications, entertainments and information are the key activities that Taiwan consumers have done via their mobile connected devices–accessing emails (68%), using a free video service (61%); using social media (58%), playing free games (52%), and reading a digital book/magazine/newspaper (42%) are the top 5 activities Taiwan respondents on their mobile connected devices. Taiwan consumers also reply on their mobile connected devices for mobile banking and mobile shopping– checking bank account balances or transactions (36%), purchasing a product or service (both are 31%); using a mobile app to make a purchase (28%), and using a banking/insurance website (26%) rank No. 6 to No. 10 of Taiwan consumers’ top mobile connected activities. However, Taiwan consumers are relatively less proactive in mobile banking activities; globally, mobile banking activities, such as accessing account information (47%) and paying bills (42%) are more common than transferring money between bank accounts (36%). The countries with the highest self-reported rates of participation in mobile banking are diverse; they include several developing markets, such as China, South Africa, Venezuela and India, as well as markets that are more mature, such as Sweden.

“Mobile commerce has enormous implications for the entire retail ecosystem,” said Spencer Hung, senior director of Industry Research, Nielsen Taiwan. “Mobile devices are not only bringing new consumers into the modern, connected economy, but also are they enabling a more customized experience, as products and services can be more closely tailored to behaviors, needs and preferences. However, driving higher adoption and usages starts when companies develop deep understanding of how consumers are shopping and transacting in a digital world before using that understanding to design strategies around their habits and preferences.”

In Taiwan, mobile devices are indispensable shopping buddies to compare prices (55%), look for coupons or deals (51%); look up product information (50%), make shopping trips quicker or more efficient (46%); make better shopping decisions (29%), and as a personal shopping assistant (25%). Three in ten (31%) Taiwan respondents have purchased a product or service on their mobile device in the past six months, and 28% say they’ve used a mobile app to make a purchase in the same period. Asia-Pacific has the highest self-reported rates of mobile purchasing; half of respondents in China (50%), and roughly half in India (49%); on the other hand, South Korea (47%) and Vietnam (46%) say they have purchased a product or service using their mobile devices in the past six months.

Around the world, just over one-quarter of respondents (27%) say they’re highly likely to use a mobile-only bank serviced entirely through a mobile app while said percentage in Taiwan is even less with only 16 percent claiming that they are very likely to use mobile-only bank services. Security concerns top the list of mobile banking barriers (72%), followed by a preference for physical locations (41%), as well as not needing mobile banking services and that device screens are too small (both 21%). In contrast, mobile-only banking is most popular in developing countries with large unbanked populations, as the highest usage rates are seen in India (46%), Indonesia (37%), Mexico (34%) and Turkey (34%).

More than one-third of global respondents say they’re highly likely to transfer money to (36%) and or receive money from (34%) another person using their mobile device in the next six months, with nine of the top 10 markets hailing from the developing world.

Over half of Taiwan respondents (52%) are not likely to use mobile payments in bars, restaurants or retail stores, which is a higher percentage comparing to the global average (40%). Similar to mobile banking, security concerns (73%), not needing mobile payments (25%), and that device screens are too small (14%) are the key mobile payment barriers. The highest rates of mobile payments are discovered in India (46%) and China (45%); for the former country, the use of mobile payments is driven by several factors, including a technologically-savvy population, high mobile penetration; a proliferation of affordable devices, and comparatively inexpensive internet access. Furthermore, in China, mobile proximity payments are extremely common in large cities. Consumers can pay with their mobile WeChat account by scanning QR (quick-response) codes, which are accepted by a wide range of merchants, from upmarket restaurants to hawkers on the street—even transportation services.

Still, another half of consumers (48%) are likely to use mobile payments in bars, restaurants or retail stores because of convenience and efficiency– more convenient than carrying multiple credit/debit cards or cash in the wallet (42%), easier to pay with mobile payments (35%), and quicker than using a credit/debit card or cash (33%).

As long as enhancing security features (68%), providing incentives/loyalty/rewards only to mobile payment users (43%), and speedier checkout compared to traditional payment methods (36%) are the key triggers to encourage Taiwan consumers to use mobile payment services.


The Nielsen Mobile Shopping, Banking and Payment Survey was conducted March 1–23, 2016, and polled more than 30,000 online respondents in 63 countries throughout Asia-Pacific, Europe, Latin America, the Middle East/Africa and North America to understand how mobile devices are influencing three distinct yet interconnected activities: shopping, banking and payments. Nielsen examined the kinds of mobile shopping, banking and payment activities respondents are currently engaged in and their likelihood to participate in the future. We also examined the barriers to adoption for mobile banking and payments, as well as the incentives that would encourage wider use. The sample includes internet users who agreed to participate in this survey and has quotas based on age and sex for each country. It is weighted to be representative of internet consumers by country. Because the sample is based on those who agreed to participate, no estimates of theoretical sampling error can be calculated. However, a probability sample of equivalent size would have a margin of error of ±0.6% at the global level. This Nielsen survey is based only on the behavior of respondents with online access. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60% internet penetration or an online population of 10 million for survey inclusion.


Nielsen Holdings plc (NYSE: NLSN) is a global performance management company that provides a comprehensive understanding of what consumers Watch and Buy. The Company’s Watch segment provides media and advertising clients with Nielsen Total Audience measurement services across all devices where content—video, audio and text—is consumed. The Buy segment offers consumer packaged goods manufacturers and retailers the industry’s only global view of retail performance measurement. By integrating information from its Watch and Buy segments and other data sources, Nielsen provides its clients with both world-class measurement as well as analytics that help improve performance. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the world’s population. For more information, visit