TAIPEI (Taiwan News) — Taiwan’s cumulative credit card payments reached NT$1.4 billion (US$43.2 million) in April, the Financial Supervisory Commission (FSC) said on Thursday (June 13).

The agency said in a press release that as of the end of April, there were 32 credit card issuers in Taiwan, with about 60 million cards in circulation, an increase of 60,000 cards from the previous month, per CNA. The number of active cards reached 38 million, up by 160,000 from the previous month, with an average active card rate of 64.64%, per Public Television Service (PTS).

Deputy Director-General of the FSC’s Banking Bureau Lin Chih-chi (林志吉) said the increase was primarily due to the Tomb Sweeping Festival holiday, which saw a rise in domestic and international travel, as well as higher spending in department stores and online shopping.

Lin said that the average monthly credit card spending previously hovered around NT$250 billion, but has now steadily grown to NT$300 billion, with peak months reaching around NT$350 billion. “The spending in April, exceeding NT$350 billion, indicates it was a relatively high-consumption month,” the deputy explained.

Lin said he believes as people become more accustomed to using credit cards, digital payments will become more widespread. “This habit, combined with economic activity and growth in domestic and international travel, are key factors driving up credit card spending,” he said.

Looking ahead, Lin said if the economic situation remains as strong as last year, consumer spending is likely to match or exceed last year’s figures.